Himachal Pradesh Fiscal Responsibility and Budget Management Act, 2005
No: 14 Dated: Apr, 21 2005
THE HIMACHAL PRADESH FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2005
(ACT NO. 14 OF 2005)
An Act to provide for the responsibility of the State Government to ensure prudence in fiscal management and fiscal stability by progressive reduction of revenue deficit and debt management consistent with fiscal stability, greater transparency in fiscal operations of the State Government and conduct of fiscal policy in a medium term fiscal framework and for matters connected therewith or incidental thereto.
BE it enacted by the Legislative Assembly of Himachal Pradesh in the Fifty-sixth Year of the Republic of India, as follows:-
CHAPTER-I
PRELIMINARY
1. Short title and commencement.- (1) This Act may be called the Himachal Pradesh Fiscal Responsibility and Budget Management Act, 2005.
(2) It shall come into force on such date as the State Government may, by notification in the Official Gazette, appoint.
2. Definitions.- In this Act, unless the context otherwise requires,-
(a) “budget” means the Annual Financial Statement laid before the State Legislative Assembly under article 202 of the Constitution ;
(b) “current year” means the financial year preceding the ensuing year;
(c) “debt receipt” shall have the same meaning as used in the finance accounts of the State by Comptroller and Auditor General;
(d) “ensuing year” means the financial year for which the budget is being presented;
(e) “financial year” means the year commencing on the first day of April;
(f) “fiscal indicators” means the numerical ceilings and proportions to gross state domestic product, of such measures, as may be prescribed, for evaluation of the fiscal position of the State Government;
(g) “fiscal deficit” means the excess of total disbursements from the Consolidated Fund of the State, excluding repayment of debt, over total receipts into the Consolidated Fund, excluding the debt receipts, during a financial year;
Explanation.- For the purpose of calculation of fiscal deficit, borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments, where the liability for repayment is on the State Government are to be treated as borrowings of the State Government;
(h) “prescribed” means prescribed by the rules made under this Act;
(i) “revenue deficit” means the difference between revenue expenditure and revenue receipts;
(j) “State” means the State of Himachal Pradesh; and
(k) “State Government” means the Government of Himachal Pradesh.