The Meghalaya Fiscal Responsibility and Budget Management Act, 2006
The Meghalaya Fiscal Responsibility and Budget Management Act, 2006
The Meghalaya Fiscal Responsibility and Budget Management Act, 2006, regulates the state's public finances, debt limits, and budget management. Applying to the Meghalaya state government and its public sector undertakings, it mandates reducing fiscal deficits, phasing out revenue deficits, and capping total public liabilities. This legislation matters because it secures long-term economic stability, prevents the government from passing unsustainable debt to future generations, and increases governance transparency through regular mandatory disclosures. By enforcing strict controls on government spending, borrowing, and hiring, the Act ensures responsible management of public money for the welfare of the state's citizens.
- 1. Short title, extent and commencement
- 2. Definitions
- 3. Fiscal Management Objectives
- 4. Fiscal targets
- 5. Fiscal Management Principles to ensure fiscal discipline in the State
- 6. Measure to ensure Fiscal Discipline
- 7. Fiscal Policy Statement to be laid before the legislature
- 8. Measures of Fiscal Transparency
- 9. Measures to enforce compliance.
- 10. Power to make rules
- 11. Protection of action taken in good faith.
- 12. Application of other laws not barred.
- 13. Power to remove difficulties
PDF: pending for this language.