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The Meghalaya Fiscal Responsibility and Budget Management Act, 2006 (Act No. 4 of 2006)

Meghalaya

An Act to provide for the responsibility of the State Government to ensure fiscal prudence, stability and efficiency and also to achieve fiscal consolidation so as to facilitate the generation of revenue surplus to enhance the scope for improvement of investment in the social and economic sector/infrastructures of the State and to ensure fiscal and debt sustainability through progressive reduction of the fiscal deficit and proper debt management system and also to provide for a more transparent and accountable system of budgeting that will ensure an efficient and effective system of governance.

Act number
4 of 2006
Ministry
Meghalaya Law Department
Department
Law Department
Enacted
5 Apr 2006

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

13 sections

  1. Section 1Short title, extent and commencement
  2. Section 2Definitions
  3. Section 3Fiscal Management Objectives
  4. Section 4Fiscal targets
  5. Section 5Fiscal Management Principles to ensure fiscal discipline in the State
  6. Section 6Measure to ensure Fiscal Discipline
  7. Section 7Fiscal Policy Statement to be laid before the legislature
  8. Section 8Measures of Fiscal Transparency
  9. Section 9Measures to enforce compliance.
  10. Section 10Power to make rules
  11. Section 11Protection of action taken in good faith.
  12. Section 12Application of other laws not barred.
  13. Section 13Power to remove difficulties