Amendment status not verified — confirm the current text below against the official source.
While presenting the Annual Budget for the current year, the State Government shall furnish a statement showing the deferred liabilities on the following accounts, - (i) State’s matching share under central sponsored plan schemes not provided for in the previous years and the deficit of such State share in the current financial year; (ii) bills presented in the treasury but not encashed at the close of the previous financial year; (iii) Central assistance received but not utilized at the end of a particular financial year; and (iv) undisbursed amount lying in the civil deposits. 8.(1) the Annual Budget and polices announced at the time of the Budget, shall be consistent with objectives and targets specified the Medium Term Fiscal Plan for coming years. (2) the Minister-in-charge of Finance Department shall review the trends in receipts and expenditure in relation to the budget and remedial measures to be taken to achieve the budget targets. (3) Whenever there is either short fall in revenue or excess of expenditure over pre-specified levels during any period in a financial year, on account of any new policy decision of the State Government that affects the State Government, the State Government prior to taking such policy decision, shall take measures to fully offset the fiscal impact for the current and future years by curtailing the sums authorized to be paid and applied from and out of the consolidated Fund of the State under any Act to provide for the appropriation of such sums, or by taking interim measures for revenue augmentation or by taking up a combination of both: Provided that nothing in this sub-section shall apply to expenditure charged on the Consolidated Fund of the State under clause (3) of article 202 of the Constitution. (4) In case the revenue deficit and fiscal deficit exceed in the case of unforeseen demands on the finances of the State Government, the Government shall identify the net fiscal cost of the calamity and such cost would provide ceiling for extent of non-compliance to the specified limits. Acknowledge- ment of liabilities in Annual Budget. Measures to enforce compliance. 27 (5) Not more than one supplementary statement of expenditure shall be presented in a financial year. Whenever such supplementary estimates are presented before the State Legislature, the State Government shall also present an accompanying statement indicating the corresponding curtailment of expenditure to fully offset the fiscal impact of the supplementary estimates in relation to the budget targets of the current year and the Medium Term Fiscal Plan objectives. (6) No liability shall be created outside the budget provision in a financial year without the approval of Government in Finance Department. Creation of any such unauthorised liability shall be treated as gross negligence and the officer (s) responsible for creation of such liability shall be personally liable for such additional liability created. 9.(1) The State 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 fiscal indicators to be prescribed for the purpose of sub-section (2) of section 3; (b) the Forms of the Medium Term Fiscal Policy Plan under sub-section (1) of section 3 and Fiscal Policy Strategy statement under clause (v) of sub-section (3) of section 3; (c ) the Form of statement under sub-section (2) of section 6; and (d) any other matter which is required to be and not inconsistent with the provisions of the Act.