section 5
Fiscal management principles.
The Maharashtra Fiscal Responsibility and Budgetary Management Act, 2005Finance200512 sections5 chapters
Chapter III FISCAL MANAGEMENT PRINCIPLES
Statutory text
- (1) The State Government shall take appropriate measures to reduce the revenue deficit by the 31st March 2009 and thereafter maintain revenue surplus balance at the end of each year.
- (2) The State Government shall by rules specify the targets for reduction of fiscal deficit. For this purpose the fiscal deficit target shall be interpreted in the form of a ratio of expenditure on interest to revenue receipts : Provided that, the revenue deficit and fiscal deficit may exceed such targets due to ground or grounds of natural calamity or such other exceptional grounds as the State Government may specify : Provided further that, a statement in respect of the ground or grounds specified in the first proviso shall be placed before both Houses of the State Legislature, as soon as may be possible, after such deficit amount exceeds the aforesaid targets.
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