Vidhi Codex

Bare Act

The Rajkoshiya Uttardayitwa Avam Budget Prabandhan Adhiniyam 2005

Finance200515 sections

The Madhya Pradesh Rajkoshiya Uttardayitva Evam Budget Prabandhan Adhiniyam, 2005 establishes a legal framework for prudent fiscal management and financial accountability within the State Government of Madhya Pradesh. It mandates the state government to eliminate revenue deficits, contain fiscal deficits within specified limits relative to the state economy, and cap overall public debt and state guarantees. The law requires the government to present comprehensive fiscal policy statements alongside annual budgets, undergo half-yearly financial reviews, and publish detailed disclosures to enhance public transparency. This law matters because it promotes long-term economic stability, guards future generations against unsustainable state liabilities, and ensures responsible utilization of public money.

Start reading →Read full ActSections
  1. 1. Short title, extent and commencement
  2. 2. Definitions
  3. 3. Fiscal Management Objectives
  4. 4. Fiscal Management Principles
  5. 5. Fiscal Policy Statements to be laid before the Legislature
  6. 6. Macro-economic Framework Statement
  7. 7. Medium Term Fiscal Policy Statement
  8. 8. Fiscal Policy Strategy Statement
  9. 9. Fiscal Targets
  10. 10. Measures for Fiscal Transparency
  11. 11. Measures to Enforce Compliance
  12. 12. Power to make Rules
  13. 13. Protection of action taken in good faith
  14. 14. Application of other laws not barred
  15. 15. Power to remove difficulties

PDF: pending for this language.