Vidhi Codex

Bare Act

The Uttarakhand Fiscal Responsibility and Budget Management Act, 2005

Finance200515 sections

This Act applies to the State Government of Uttarakhand to regulate its financial management and ensure fiscal stability. It requires the government to present a Medium Term Fiscal Policy to the State Assembly, setting three-year targets for key financial indicators like debt and deficits. The law mandates that borrowings be used for development and capital assets rather than current expenses, while maintaining prudent debt levels and tax stability. By enforcing these rules, the Act aims to prevent excessive borrowing, ensure long-term financial sustainability, and protect the economic interests of future generations.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. Definitions
  3. 3. Medium Term Fiscal policy to be laid before the State Assembly
  4. 4. Fiscal Management Principles
  5. 5. Measures for Fiscal Transparency
  6. 6. Measured to enforce compliance
  7. 7. Power to make rules
  8. 8. Protection of action taken in good faith
  9. 9. Application of other laws not barred
  10. 10. Power to remove difficulties
  11. 3(g). Section 3(g)
  12. 5(ii). Additional borrowing limit for ACS-ARR gap
  13. 5(iii). Additional borrowing limit for Direct Benefit Transfer
  14. Annexure-1. Section Annexure-1
  15. Annexure-‘2’. Implementation of removal of renewals and central Inspection System

PDF: pending for this language.