Definitions

In this Act, unless the context otherwise requires: (i) "Budget" means the Annual Financial Statement presented before the State Legislature under clause (1) of Article 202 of the Constitution of India; (ii) "Current Year" means the financial year for which the budget and medium-term fiscal plan is being presented; (iii) "Financial Year" means the year beginning on 1st April and ending on 31st March of the next year; (iv) "Fiscal Deficit" means the excess of total disbursement from the Consolidated Fund of the State (excluding debt repayment) over total receipts (excluding debt receipts) during a financial year; (v) "Fiscal Indicator" means such numerical value as may be prescribed for evaluation of the fiscal position of the State Government, such as numerical ceiling and ratio of Gross State Domestic Product; (vi) "Non-Interest Committed Revenue Expenditure" means the sum of salary and pension expenditure of the State in the revenue accounts of the State Consolidated Fund; (vii) "Extra-Budgetary Borrowing" means the borrowing of the State Government or its agency which is not reflected in the Financial Statement; (viii) "Prescribed" means prescribed by rules framed under this Act; (ix) "Previous Year" means the year preceding the current year; (x) "Primary Deficit/Surplus" means fiscal deficit/surplus excluding interest; (xi) "Reserve Bank" means the Reserve Bank of India established under the Reserve Bank of India Act, 1934; (xii) "Revenue Deficit" means the difference between revenue receipts and revenue expenditure which indicates the increase in liabilities of the State Government without corresponding increase in assets of the State Government; and (xiii) "Total Liabilities" means the liabilities under the Consolidated Fund of Jharkhand and the Public Account of the State.