Bare Act
The Bihar Fiscal Responsibility and Budget Management Act, 2006
The Bihar Fiscal Responsibility and Budget Management Act, 2006, regulates the financial transactions and budgeting of the Bihar State Government. It applies directly to the state administration, forcing it to eliminate deficits and balance the budget responsibly. By requiring regular policy statements, quarterly reviews, and public disclosures, this law ensures greater accuracy, transparency, and public accountability in government spending. This legislation matters because it prevents high government debt, protects the state economy from sudden financial shocks, and helps redirect valuable public resources toward building essential public infrastructure, reducing widespread poverty, and funding important social development schemes across the entire state.
- 0. Preamble
- 1. Short Title, Extent and Commencement
- 2. Gazette, appoint in this behalf.
- 3. Fiscal Management Objectives.
- 4. Fiscal Management Principles
- 5. There should be efficiency in the design and implementation of the fiscal policy and in managing the assets and liabilities of the public sector.
- 6. Macroeconomic Framework Statement
- 7. Medium Term Fiscal Policy Statement
- 8. Fiscal Policy Strategy Statement- The Fiscal Policy Strategy Statement shall be in such form as
- 9. Fiscal Policy Statement in sub-section (1) of section-7 and fiscal targets set out in section-9.
- 10. Measure for Fiscal Transparency
- 11. Measure to Enforce Compliance
- 12. Power to make Rules.
- 13. Rules to be laid before Legislature
- 14. Protection of action taken in good faith
- 15. Jurisdiction of civil courts barred
- 16. Application of other laws not barred - The provisions of this Act shall, wherever the State
- 17. Power to remove difficulties
- 18. Repeal and Savings
PDF: pending for this language.