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Karnataka 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. .....

Karnataka Local Fund Authorities Fiscal Responsibility Act, 2003 Section 4

Title: Financial Management Principles

State: Karnataka

Year: 2003

Every local fund authority will be guided by the following financial management principles, namely:-- (a) ensuring transparency at all stages of policy making and implementation; (b) introducing performance linked budget policies; (c) providing for effective and sustained fiscal monitoring systems; (d) introducing robust financial management principles; (e) maintaining local fund authority's debt at prudent levels; (f) managing guarantees and other contingent liabilities prudently, with particular reference to the quality and level of such liabilities; (g) ensuring that policy decisions of the local fund authority have due regard to their current financial position and the financial implications on future generations; (h) adopting accrual system of accounting for payables and receivables; (i) ensuring that borrowings are used for productive purposes and accumulation of capital assets, and are not applied to finance current expenditure; (j) ensuring a reasonable degree of predictability in the flow of funds; (k) pursuing tax policies with due regard to economic efficiency and compliance costs; (l) pursuing fiscal policies with due regard to cost recovery an

The Sikkim Industrial Promotion & Incentive (Amendment) Act, 2003 Complete Act

State: Sikkim

Year: 2003

.....means separately identifiable investment made by an existing industrial unit in the fixed capital assets to set up a project for manufacturing of new products (s) provided that the additional investment in the fixed assets is not less than 25% of the gross fixed capital and increase of additional employment is at least by 10%. (ddd) "Expansion" of an industrial units means additional fixed unit. For the purpose of calculation, Gross value of all the capital investment made on land, building and plant machinery of the existing unit will be taken into consideration. Expansion shall also imply an increase of at least 25% in the existing installed capacity as well as increase of additional employment of at least by 10% . Prior to going for expansion, the units should be operating at least at a minimum of 80% capacity during the three previous years." (ii) after clause (e), the following clause shall be inserted, namely:- "(ee) "Modernization" means separately identifiable investment made by an existing industrial unit in the fixed capital technology having a definite advantage in reduction of cost of production provided that the additional investment in the fixed.....