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Start Free TrialFiscal Responsibility Act, 2002 (16 of 2002) Complete Act
Title: Fiscal Responsibility Act, 2002 (16 of 2002)
State: Karnataka
Year: 2002
Preamble 1 - KARNATAKA FISCAL RESPONSIBILITY ACT, 2002 Section 1 - Short title, extent and commencement Section 2 - Definitions Section 3 - Medium Term Fiscal Plan to be laid before the Legislature Section 4 - Fiscal Management Principles Section 5 - Measures for Fiscal Transparency Section 6 - Measures to enforce compliance Section 7 - Power to make rules Section 8 - Rules to be laid before Legislature Section 9 - Protection of action taken in good faith Section 10 - Application of other laws not barred Section 11 - Power to remove difficulties
List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Preamble 1
Title: Karnataka Fiscal Responsibility Act, 2002
State: Karnataka
Year: 2002
THE KARNATAKA FISCAL RESPONSIBILITY ACT, 20021 [ACT, No. 16 of 2002] [27th August, 2002] PREAMBLE An Act to provide for the responsibility of the State Government to ensure fiscal stability and sustainability, and to enhance the scope for improving social and physical infrastructure and human development by achieving sufficient revenue surplus, reducing fiscal deficit and removing impediments to the effective conduct of fiscal policy and prudent debt management through limits on State Government borrowings, debt and deficits, greater transparency in fiscal operations of the State Government and use of a medium-term fiscal framework and for matters connected therewith or incidental thereto. Whereas it is expedient to provide for the responsibility of the State Government to ensure fiscal stability and sustainability, and to enhance the scope for improving social and physical infrastructure and human development by achieving sufficient revenue surplus, reducing fiscal deficit and removing impediments to the effective conduct of fiscal policy and prudent debt management through limits on State Government borrowings, debt and deficits, greater transparency in fiscal.....
View Complete Act List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Section 1
Title: Short Title, Extent and Commencement
State: Karnataka
Year: 2002
(1) This Act may be called the Karnataka Fiscal Responsibility Act, 2002. (2) It extends to the whole of Karnataka. (3) It shall come into force on such1[date] as the State Government may, by notification, appoint. __________________________ 1. The 1st April 2003 to be the day on which the Act shall come into force - vide Notification No. FD 5 PMU 2003 dated 11.2.2003.
View Complete Act List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Section 2
Title: Definitions
State: Karnataka
Year: 2002
In this Act, unless the context otherwise requires, (a) Annual Budget means the annual financial statement laid before both Houses of the State Legislature under article 202 of the Constitution; (b) Current Year means the year preceding the year for which budget and Medium Term Fiscal Plan (MTFP) are being presented. (c) Fiscal Deficit means the excess of (i) total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over total receipts into the Fund excluding the debt receipts during a financial year; or (ii) total expenditure from the Consolidated Fund of the State (including loans but excluding repayment of debt) over own tax and non-tax revenue receipts, devolution and other grants from Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt, of the State Government during the 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 liability for repayment is on the State Government are to be treated as.....
View Complete Act List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Section 3
Title: Medium Term Fiscal Plan to Be Laid Before the Legislature
State: Karnataka
Year: 2002
.....of the State Government for the ensuing financial year relating to taxation, expenditure, borrowings (including borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments where liability for repayment is on the State Government, with ceiling fixed for each agency) and other liabilities, lending and investments, pricing of administered goods and services and description of other activities, such as guarantees and activities of Public Sector Undertakings which have potential budgetary implications; and the key fiscal measures and targets pertaining to each of these; (f) an evaluation as to how the current policies of the State Government are in conformity with the fiscal management principles set out in Section 4 and the fiscal objectives set out in the Medium Term Fiscal Plan. (5) The Medium Term Fiscal Plan shall be in such form as may be prescribed.
View Complete Act List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Section 4
Title: Fiscal Management Principles
State: Karnataka
Year: 2002
.....initial financial year on the 1st day of April, 2002, and ending on the 31st day of March, 2015; that the total liabilities at the end of the last financial year do not exceed twenty five per cent of the estimated gross state domestic product for that year; Provided that revenue deficit and fiscal deficit may exceed the limits specified under this sub-section due to ground or grounds of unforeseen demands on the finances of the State Government due to national security or natural calamity, subject to the condition that the excess beyond limits arising due to natural calamities does not exceed the actual fiscal cost that can be attributed to the calamities; Provided further that the ground or grounds specified in the first proviso shall be placed before the House of Legislature, as soon as may be, after it becomes likely that such deficit amount may exceed the aforesaid limits, with an accompanying report stating the likely extent of excess, and reasons therefor.
View Complete Act List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Section 5
Title: Measures for Fiscal Transparency
State: Karnataka
Year: 2002
.....the actual liabilities arising out of borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments where liability for repayment is on the State Government; all claims and commitments made by the State Government having potential budgetary implications, including revenue demands raised but not realised; tax expenditure; losses incurred in providing public goods and services through public utilities and undertakings; liability in respect of major works and contracts; and subsidy payments and the impact of the same on the fiscal position of the State including in relation to the targets referred to in sub-section (3) of Section 4.
View Complete Act List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Section 6
Title: Measures to Enforce Compliance
State: Karnataka
Year: 2002
.....under any Act to provide for the appropriation of such sums, or by taking interim measures for revenue augmentation, or by taking up a combination of both. Provided that nothing in this sub-section shall apply to the expenditure charged on the Consolidated Fund of the State under clause (3) of article 202 of the Constitution. Provided further that, while adhering to the fiscal targets, the State Government will give priority to protecting certain expenditure declared in the Medium Term Fiscal Plan as high priority development expenditure (including, inter alia, elementary education, basic health and rural water supply) from curtailment or may impose a reduced or partial curtailment. (5) Whenever one or more supplementary estimates are presented to the Houses of Legislature, the State Government shall also present an accompanying statement indicating the corresponding curtailment of expenditure and/or augmentation of revenue to fully offset the fiscal impact of the supplementary estimates in relation to the budget targets of the current year and the Medium Term Fiscal Plan objectives and targets for the future year.
View Complete Act List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Section 7
Title: Power to Make Rules
State: Karnataka
Year: 2002
(1) The State Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act, (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely :- (a) the fiscal indicators to be prescribed for the purpose of sub-section (2) of section 3 and clause (a) of sub-section (2) of section 5; (b) the form of the Medium Term Fiscal Plan referred to in sub-section (5) of section 3 and sub-section (2) of section 5; (c) any other matter which is required to be, or may be, prescribed.
View Complete Act List Judgments citing this sectionFiscal Responsibility Act, 2002 (16 of 2002) Section 8
Title: Rules to Be Laid Before Legislature
State: Karnataka
Year: 2002
Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of State Legislature, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
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