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Start Free TrialKarnataka Local Fund Authorities Fiscal Responsibility Act, 2003 Section 3
Title: Medium Term Fiscal Plan
State: Karnataka
Year: 2003
.....local fund authority for the ensuing financial year relating to expenditure, borrowings and other liabilities, lending and investments. and all such activities which have potential budgetary implications and the key fiscal measures and targets pertaining to each of these; (g) an evaluation as to how the current policies of the local fund authority are in conformity with the financial management principles set out in section 4 and the fiscal objectives set out in the Medium Term Fiscal Plan; (h) a clear linkage of the physical and financial targets; (i) the key performance areas and corresponding performance indicators in as much quantitative detail as possible. (5) The Medium Term Fiscal Plan shall be the source document for the preparation of the annual budget and shall address the prime needs of the citizens as relevant to the specific local fund authority such as water supply, construction of road, education, public health, solid waste management and the like. (6) The Medium Term Fiscal Plan shall have a functional focus and provide for backend modalities such as fund based accounting system (FBAS), computerisation and a realistic and transparent budgeting process. .....
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 and Budget Management Act 2003 Section 3
Title: Fiscal Policy Statements to Be Laid Before Parliament
State: Central
Year: 2003
.....market borrowings and other liabilities, lending and investments, pricing of administered goods and services, securities and description of other activities such as, underwriting and guarantees which have potential budgetary implications; (b) the strategic priorities of the Central Government for the ensuing financial year in the fiscal area; (c) the key fiscal measures and rationale for any major deviation in fiscal measures pertaining to taxation, subsidy, expenditure, administered pricing and borrowings; (d) an evaluation as to how the current policies of the Central Government are in conformity with the fiscal management principles set out in section 4 and the objectives set out in the Medium-term Fiscal Policy Statement. (5) The macro-economic framework statement shall contain as assessment of the growth prospects of the economy with specification of underlying assumptions. (6) In particular and without prejudice to the generality of the foregoing provisions the macro-economic framework statement shall contain an assessment relating to-- (a) the growth in the gross domestic product; (b) the fiscal balance of the Union Government as reflected in the revenue.....
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) 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 sectionKarnataka Local Fund Authorities Fiscal Responsibility Act, 2003 Preamble 1
Title: Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003
State: Karnataka
Year: 2003
THE KARNATAKA LOCAL FUND AUTHORITIES FISCAL RESPONSIBILITY ACT, 2003 [ACT NO 41 OF 2003] [5 September, 2003] PREAMBLE An Act to provide for the responsibility of Local Fund Authorities to ensure best practice of financial management of local funds and to enhance the scope for improving social and physical infrastructure and human development by achieving sufficient revenue surplus, ensuring prudent management of public fiscal operations of the Local Funds and use of a medium term fiscal frame work, and for matters connected therewith or incidental thereto. Whereas it is expedient to provide for the responsibility of Local Fund Authorities to ensure fiscal stability and sustainability and to enhance scope for improving social and physical infrastructure and human development by achieving sufficient revenue surplus, performance enhancement, citizen participation and transparency while removing impediments to the effective conduct of fiscal policy and enabling prudent financial management through appropriate modern systems and with greater transparency in fiscal operations of the Local Funds with the use of a medium--term fiscal frame work, and for matters connected.....
View Complete Act List Judgments citing this sectionFiscal Responsibility and Budget Management Act 2003 Preamble 1
Title: Fiscal Responsibility and Budget Management Act, 2003
State: Central
Year: 2003
THE FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2003 [Act, No. 39 of 2003] PREAMBLE to provide for the responsibility of the Central Government to ensure inter-generational equity in fiscal management and long-term macro-economic stability by achieving sufficient revenue surplus and removing fiscal impediments in the effective conduct of monetary policy and prudential debt management consistent with fiscal sustainability through limits on the Central Government borrowings, debt and deficits, greater transparency in fiscal operations of the Central Government and conducting fiscal policy in a medium-term framework and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Fifty-fourth Year of the Republic of India as follows:--
View Complete Act List Judgments citing this sectionKarnataka Local Fund Authorities Fiscal Responsibility Act, 2003 Section 5
Title: Measures for Fiscal Transparency
State: Karnataka
Year: 2003
.....forums as may be prescribed to review the operations and finances of the local fund authority. (3) In particular, and without prejudice to the generality of the foregoing provisions, local fund authority shall, at the time of presentation of the annual budget, disclose in a statement in such form as may be prescribed - (a) significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of fiscal indicators; (b) as far as practicable, and consistent with protection of public interest, the contingent liabilities created by way of guarantees and the actual liabilities arising out of execution of works by external agencies where liability for repayment is on the local fund authority. (4) The State Government shall ensure that such contingent liabilities are communicated to the concerned local fund authority so that it shall make sufficient provision in its budget.
View Complete Act List Judgments citing this sectionFiscal Responsibility and Budget Management Act 2003 Complete Act
Title: Fiscal Responsibility and Budget Management Act 2003
State: Central
Year: 2003
Preamble1 - FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT ACT, 2003 Section1 - Short title, extent and commencement Section2 - Definitions Section3 - Fiscal Policy Statements to be laid before Parliament Section4 - Fiscal Management principles Section5 - Borrowing from Reserve Bank Section6 - Measures for fiscal transparency Section7 - Measures to enforce compliance Section8 - Power to make rules Section9 - Rules to be laid before each House of Parliament Section10 - Protection of action taken in good faith Section11 - Jurisdiction of civil courts barred Section12 - Application of other laws not barred Section13 - Power to remove difficulties
List Judgments citing this sectionFiscal 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
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