Vidhi Codex

Bare Act

The Goa Fiscal Responsibility and Budget Management Act, 2006

Finance200613 sections

This Act mandates the Government of Goa to manage its finances responsibly by setting strict limits on borrowing and ensuring long-term fiscal stability. It requires the government to eliminate revenue deficits and reduce fiscal deficits over time while maintaining sustainable debt levels. By mandating a Medium Term Fiscal Plan to be presented to the Legislative Assembly, the law promotes transparency and accountability in budgeting. This framework is essential for preventing excessive government spending, protecting the state's credit rating, and ensuring the state can meet its financial obligations without jeopardizing future economic growth.

Start reading →Read full ActSections
  1. 0. Preamble
  2. 1. Short title and commencement.
  3. 2. Definitions.
  4. 3. Medium Term Fiscal Plan to be laid before the Legislative Assembly.
  5. 4. Fiscal Management Principles.
  6. 5. Fiscal Management Targets.
  7. 6. Measures for Fiscal Transparency.
  8. 7. Measures to enforce compliance.
  9. 8. Power to make rules.
  10. 9. Rules to be laid before Legislative Assembly.
  11. 10. Protection of action taken in good faith.
  12. 11. Application of other laws not barred.
  13. 12. Power to remove difficulties.

PDF: pending for this language.