The Manipur Fiscal Responsibility and Budget Management (Amendment) Act, 2017

/ GOVERNMENT OF MANIPUR SECRETARIAT: LAW & LEGISLATIVE AFFAIRS DEPARTMENT NOTIFICATION Imphal, August 16, No. 2/50/2017-Leg/L : The following Act of the Legislature, Manipur which received assent ofthe Governor ofManipur on August 14, is hereby published in the Official Gazette: THE MANIPUR FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT (AMENDMENT) ACT, (MANIPUR ACT NO. OF 2017) AN ACT to amend the Manipur Fiscal Responsibility and Budget Management Act, 2005. BE it enacted by the Legislature of Manipur in the Sixty-eighth year of the Republic of India as fol lows:- 1. (1) This Act may be called the Manipur Fiscal Resnonsibillty and Budget Management (Amendment) Act, 2017. · Short tltle and (2). It shall come into force on t'ne date of their publication in the commencement.

For clause (ii) sub-section (2) of section 8 of the Manipur Fiscal Responsiblllty and T;JndgetManagement Act 2005 the following shall be substituted, namely:- "(ii) Fiscel deficit sha'rl be anchored to an annual limit of 3% of Gross State Domestic product. There shall be flexibi!ity of 0.25% over end above 3% for any given year for which the borrowing limits are to be fixed if the State's debt-Gross State Domestic Product ratio is less than or equal to 25% in the preceding year. Furthermore, the State Government shall be further eligible for an additional borrowing limit of 0.25% of GSDP in a given year for which the borrowing limits are to be fixed if the interest payments are less than or equal to 10% of the revenue receipts in the preceding year. Thus, the maximum fiscal deficit relative to Gross State Domestic Product in any given year shall be 3 .5%. The flexibility in availing the additional limit of 0.5% either fully or partially, i,e. 0.25% only, shall be subject to the condition that there is no revenue deficit in the year in which borrowing limits are to be fixed and the immediately preceding year."

P.S. to Deputy Chief Minister in-charge of

P.S. to Minister (Law &

StaffOfficer to

The Commissioner (Finance), Government of

The Secretary, Manipur Legislative Assembly,

The Director, Printing & Stationery, Manipur for publication in the Manipur Gazette Extra-Ordinary dated 16-08-2017 and to send (five)copies of the publication to the Law & Legislative Affairs Department, Government of

Guard File.