Definitions. In this Act, unless the context otherwise requires-

General200311 sections

Statutory text

(a) "Budget" means the Annual Financial Statement laid before the Legislative Assembly under Article 202 of the Constitution;
(b) "Current Year" means the financial year preceding the ensuing year;
(c) "Ensuing Year" means the financial year for which the budget is being presented;
(d) "Financial Year" means the year beginning on the 1st April and ending on the 31st March next following;
(e) "Fiscal Deficit" means the excess of – total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over total receipts into the Consolidated Fund excluding the debt receipts during a financial year;
(f) "Fiscal Indicators" means the measures such as numerical ceilings and proportions to Gross State Domestic Product, as may be prescribed, for evaluation of the fiscal position of the State Government;
(g) "Previous Year" means the financial year preceding the current year;
(gg) “Revenue Deficit” means the excess of revenue expenditure over revenue receipt;
(h) "Total Liabilities" means the liabilities under the Consolidated Fund of the State and the Public Account of the State.

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