Bare Act

The Punjab Fiscal Responsibility and Budget Management Act

The Punjab Fiscal Responsibility and Budget Management Act, 2003 establishes a framework for disciplined, transparent, and sustainable fiscal management by the State Government of Punjab. It mandates the government to systematically reduce revenue deficits, limit fiscal deficits, cap public debt, and present a rolling Medium-term Fiscal Policy Statement alongside its annual budget. The legislation applies directly to the state government, its finance department, and public agencies. By setting clear limits on state spending, restricting pre-election financial promises, and enforcing disclosure of liabilities, this Act aims to ensure prudent financial health, prevent unsustainable borrowing, and foster long-term economic stability for the state.

PDF: pending for this language.