The Bihar Fiscal Responsibility and Budget Management Act, 2006
bihar · 2006
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1Establishes the Bihar Fiscal Responsibility and Budget Management Act, 2006, its application across Bihar, and its commencement date.
- S. 2Section 2 defines key terms used in the Bihar Fiscal Responsibility and Budget Management Act, 2006.
- S. 3Fiscal Management Objectives
- S. 4Section 4 outlines fiscal management principles for Bihar, emphasizing transparency, stability, responsibility, fairness, and efficiency in public finance.
- S. 5Section 5 mandates the State Government to present fiscal policy statements along with the budget to both Houses of Legislature.
- S. 6Section 6 mandates a Macroeconomic Framework Statement outlining the state's economic overview, sectoral growth analysis, and fiscal assessment.
- S. 7Section 7 mandates the State Government to prepare a Medium Term Fiscal Policy Statement outlining fiscal objectives, targets, and sustainability assessments.
- S. 8Section 8 mandates the Fiscal Policy Strategy Statement to outline the state government's fiscal policies, strategic priorities, key measures, and evaluation of current fiscal management.
- S. 9Fiscal Targets
- S. 10Section 10 mandates the Bihar State Government to enhance fiscal transparency and disclose financial details in budget presentations.
- S. 11Section 11 mandates the Bihar Finance Minister to review quarterly budget trends and take corrective measures for revenue shortfalls or expenditure overruns.
- S. 12Power to make Rules
- S. 13Section 13 mandates rules made under the Act to be presented to the Bihar Legislature for fourteen days for potential modification or annulment.
- S. 14Section 14 protects the State Government and its officers from legal actions for good faith actions under the Act.
- S. 15Section 15 bars civil courts from questioning the legality of State Government actions under the Act.
- S. 16Section 16 allows the State Government to declare that this Act complements, not replaces, other existing laws.
- S. 17The section allows the State Government to issue orders to resolve difficulties in implementing the Act, subject to a two-year limit.
- S. 18Repeal and Savings - (1) The Bihar Fiscal Responsibility and Budget Management Ordinance, 2006 (Bihar Ordinance no