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Fiscal 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

Fiscal 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:--

Fiscal Responsibility and Budget Management Act, 2003 Complete Act

State: Central

Year: 2003

.....shall lie against the Central Government or any officer of the Central Government for anything which is in good faith done or intended to be done under this Act or the rules made thereunder. SECTION 11: JURISDICTION OF CIVIL COURTS BARRED No civil court shall have jurisdiction to question the legality of any action taken by, or any decision of, the Central Government, under this Act. SECTION 12: APPLICATION OF OTHER LAWS NOT BARRED The provisions of this Act shall be in addition to, and not in derogation of, the provisions of any other law for the time being in force. SECTION 13: POWER TO REMOVE DIFFICULTIES (1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act as may appear to be necessary for removing the difficulty : Provided that no order shall be made under this section after the expiry of two years from the commencement of this Act. (2) Every order made under this section shall be laid, as soon ;;s may be after it is made, before each House of Parliament. Central Bare Acts

Fiscal Responsibility and Budget Management Act 2003 Section 1

Title: Short Title, Extent and Commencement

State: Central

Year: 2003

(1) This Act may be called the Fiscal Responsibility and Budget Management Act, 2003. (2) It extends to the whole of India. (3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf.

Fiscal Responsibility and Budget Management Act 2003 Section 9

Title: Rules to Be Laid Before Each House of Parliament

State: Central

Year: 2003

Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, 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.

Fiscal Responsibility and Budget Management Act 2003 Section 12

Title: Application of Other Laws Not Barred

State: Central

Year: 2003

The provisions of this Act shall be in addition to, and not in derogation of, the provisions of any other law for the time being in force.

Fiscal Responsibility and Budget Management Act 2003 Section 8

Title: Power to Make Rules

State: Central

Year: 2003

(1) The Central 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 annual targets to be specified under sub-section (2) of section 4; (b) the fiscal indicators to be prescribed for the purpose of sub-section (2) of section 3; (c) the forms of the Medium-term Fiscal Policy Statement, Fiscal Policy Strategy Statement and Macro-economic Frame Work Statement referred to in sub-section (5) of section 3; (d) the disclosures and form in which such disclosures shall be made under sub-section (2) of section 6; (e) any other matter which is required to be, or may be, prescribed.

Fiscal Responsibility and Budget Management Act 2003 Section 11

Title: Jurisdiction of Civil Courts Barred

State: Central

Year: 2003

No civil court shall have jurisdiction to question the legality of any action taken by, or any decision of, the Central Government, under this Act.''.

Fiscal Responsibility and Budget Management Act 2003 Section 13

Title: Power to Remove Difficulties

State: Central

Year: 2003

(1) If any difficulty arises in giving effect to the provisions of this Act, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Act as may appear to be necessary for removing the difficulty: Provided that no order shall be made under this section after the expiry of two years from the commencement of this Act. (2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament.

Fiscal Responsibility and Budget Management Act 2003 Section 2

Title: Definitions

State: Central

Year: 2003

In this Act, unless the context otherwise requires,-- (a) "fiscal deficit" means the excess of total disbursements, from the. Consolidated Fund of India, excluding repayment of debt, over total receipts into the Fund, excluding the debt receipts, during a financial year; (b) "fiscal indicators" means the measures such as numerical ceilings and proportions to gross domestic product, as may be prescribed, for evaluation of the fiscal position of the Central Government; (c) "Reserve Bank" means the Reserve Bank of India constituted under subsection (1) of section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (d) "revenue deficit" means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the Central Government without corresponding increase in assets of that Government; (e) "prescribed" means prescribed by rules made under this Act; (f) "total liabilities" means the liabilities under the Consolidated Fund of India and the public account of India.