Bare Act

The Manipur Ceiling on Government Guarantees Act, 2004

The Manipur Ceiling on Government Guarantees Act, 2004 sets strict limits on financial guarantees issued by the Manipur state government to manage public debt risks. It caps total outstanding state guarantees at three times the state's own tax revenue from two years prior. To safeguard public funds, the law prohibits the government from guaranteeing loans for private individuals, private companies, or institutions with less than fifty percent state ownership or management control. Additionally, it mandates that the government charge borrowers a non-waivable guarantee commission of at least one percent, which can be increased for higher-risk projects to ensure fiscal responsibility.

PDF: pending for this language.