Chapter I PRELIMINARY

1. (1) This Act may be called the Maharashtra Fiscal Responsibility and Budgetary Management Act, 2005.
2. (2) It shall come into force on such date1 as the State Government may, by notification in the Official Gazette, appoint.

In this Act, unless the context otherwise requires,-

1. (a) "budget" means the annual financial statement laid before both Houses of the State Legislature under article 202 of the Constitution of India ;
2. (b) "financial year" means the year beginning on the 1st April and ending on the 31st March of the next following year ;
3. (c) "fiscal deficit" means excess of total expenditure of State Government over the total non-debt receipt, and thus represents those borrowing requirements, net of repayment during the year which needs to be serviced by way of interest and principal repayment ;
4. (d) "fiscal indicators" means the measures such as numerical ceilings, as may be prescribed, for evaluation of the fiscal position of the State Government ;
5. (e) "Government" or "State Government" means the Government of Maharashtra ;
6. (f) "prescribed" means prescribed by rules made under this Act ;
7. (g) "revenue deficit" means the difference between total revenue expenditure and total revenue receipts ;
8. (h) "rules" means rules made under this Act ;
   • (i) "State" means the State of Maharashtra ;
9. (j) "total liabilities" means liabilities under the Consolidated Fund of the State and the Public Account of the State.