Power to make rules

(1) The State Government may, by notification in the official Gazette, make rules for carrying out the provisions of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-

(a) the fiscal indicators to be prescribed for the purpose of sub-section(2) of section 3;

(b) the Forms of the Medium Term Fiscal Policy Plan under sub-section(1) of section 3 and Fiscal Policy Strategy statement under clause(v) of sub-section(3) of section 3;

(c) the Form of statement under sub-section(2) of section 6; and

(d) any other matter which is required to be and not inconsistent with the provisions of the Act. The state government shall transfer a certain amount from revenue account to a “Sinking Fund”, and the Insurance and Pension Fund to meet huge future repayment of borrowings and rising expenditure liabilities on account of pension etc. The fund so transferred shall be maintained outside the Consolidated Fund of the State and Public Account so that the corpus of the Sinking Fund and the Insurance and Pension Fund can be utilized to meet the future contingent liabilities on account of huge repayment of loans, rising expenditure on pension.