Chhattisgarh Fiscal Responsibility And Budget Management Act, 2005
No: 16 Dated: Sep, 02 2005
THE CHHATTISGARH FISCAL RESPONSIBILITY AND BUDGET MANAGEMNT ACT, 2005
A Bill to provide for the responsibility of the State Government to ensure prudence in fiscal management and fiscal stability by progressive elimination of revenue deficit, reduction in fiscal deficit, prudent debt management consitent with fiscal sustainbility, greater transparency in fiscal operations of the government and conduct of fiscal policy in a medium term framework and for matters connected therewith or incidental thereto
Be it enacted by the Chhattisgarh State Legislature in the fifty-sixth year of the Republic of lodia as follows:
1. (1). This Act will be called the Chhattisgarh Fiscal Responsibility and Budget Management Act, 2005.
(2). Its extension is on the entire state of Chhattisgarh.
(3). It shall come into force from the date of its publication in the Official Gazette.
2. In this Act, unless the context otherwise requires:
(a) "Budget" means the annual financial statement laid before the House of the State Legislature under article 202 of the Constitution;
(b) "current year" means the year preceding the financial year following;
(c) "next year" means the financial year for which the budget is being presented;
(d) “financial year” means the year beginning on the 1st day of April and ending on the 31st day of March next following:
(e) “GSDP” means the Gross State Domestic Product at current market prices;
(f) "Fiscal deficit" means the excess of aggregate dişhursements (net of debt repayments) over revenue receipts, recovery of loans and non-debt capital recipe cluring a financial year;
(g) "Fiscal indicators" means such indicators as may be prescribed for evaluation of the fiscal position of the State Government;
(h) "Fiscal targets" means the numerical ceilings and proportions to total revenue receipts (TRR) or GSDP for the fiscal indicators;
(i) "Prescribed" means prescribed by the rules made under this Act;
(j) "Previous year" means the year preceding the current year;
(k) "Rvenue deficit" Deans the difference between revenue expenditure and local revenue receipts (1'RR);
Explanation:- "Total revenue receipts" (TRR) includes State's owo revenue receipts (both tax and non-tax) and current transfers from the Centre (Comprising grantz and State's share of Central taxes);
(l) "Total liabilities” means the Liabilities under the Consolidated Fund of the State and the Public Account of the State and includes borrowings by the public sector. undertakings and the special purpose vehicles and other equivalent itstuments includiny guarntees where the principal or jnterest ale to be served out of the State budget