Measures to enforce compliance

General200311 sections

Statutory text

(1) The Budget and policies announced at the time of the budget, shall be consistent with objectives and targets specified in the Medium Term Fiscal Plan for the coming and future years.
(2) The Minister in charge of the Department of Finance shall review every half year, the trends in receipts and expenditure in relation to the budget, remedial measures to be taken to achieve the budget targets and place before the Legislative Assembly the outcome of such reviews.
(3) While placing before the Legislative Assembly the outcome of such review, the Minister shall make a statement explaining,-
- (a) any deviation in meeting the obligations cast on the State Government under this Act;
- (b) whether such deviation is substantial and relates to the actual or the potential budgetary outcomes; and
- (c) the remedial measures the State Government proposes to take.
(4) Whenever outstanding risk weighted guarantees exceed the limits specified in section 4, no fresh guarantee shall be given.
(5) Any measure proposed in the course of the financial year, which may lead to an increase in revenue deficit, either through enhanced expenditure or loss of revenue, shall be accompanied by remedial measures, which will neutralize such increase or loss and such measures shall be clearly mentioned.
(6) The State Government may assign an independent external agency to carry out the periodical review for the compliance of the provisions of this Act in the manner, as may be prescribed.

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