The Kerala Fiscal Responsibility Act, 2003 (Act 29 of 2003).
kerala · 2003
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1Short title and commencement
- S. 2Section 2 defines key terms used in the Kerala Fiscal Responsibility Act, 2003, including 'annual budget,' 'fiscal deficit,' and'revenue deficit.'
- S. 3Section 3 mandates the government to present a medium-term fiscal policy and strategy statement along with the annual budget to the Legislative Assembly.
- S. 4Section 4 mandates Kerala to reduce revenue deficit, maintain fiscal deficit at 3% of GDP, and allows additional borrowing limits if certain conditions are met.
- S. 5Section 5 mandates fiscal transparency in Kerala's budget, requiring disclosure of significant accounting changes and outstanding liabilities.
- S. 6Public Expenditure Review Committee
- S. 7Section 7 mandates the Committee to submit review reports to the Government detailing deviations from fiscal targets.
- S. 8Section 8 mandates the government to specify budget measures to control deficit and report any deviations to the Legislative Assembly.
- S. 9Power to make rules
- S. 10Section 10 protects government officials from legal actions for actions taken in good faith under the Kerala Fiscal Responsibility Act.
- S. 11Section 11 allows the Kerala Fiscal Responsibility Act to supplement, not override, existing laws.
- S. 12The section allows the government to issue orders to resolve Act implementation issues, but only within two years, and must present them to the Legislative Assembly.