Vidhi Codex

The Uttrakhand Ceiling On Government Guarantee Act, 2016

The Uttrakhand Ceiling on Government Guarantees Act, 2016

General20167 sections

This Act regulates the financial limits and conditions for government guarantees issued by the state of Uttarakhand. It applies to the state government and its various entities, including public sector undertakings and local authorities, but explicitly excludes private companies and individuals. The law sets strict caps on the total amount of outstanding and new guarantees, limiting them to a small percentage of the state's Gross Domestic Product, with exceptions only for severe natural disasters. Additionally, it mandates that the government charge a commission on these loans to fund a redemption account, ensuring fiscal discipline and preventing excessive state liability.

Start reading →Read full ActSections
  1. 1. Short title and commencement
  2. 2. Definitions
  3. 3. Ceiling on Government Guarantees
  4. 4. Restrictions on Government Guarantees
  5. 5. Guarantees Commission
  6. 6. Guarantees Redemption Fund
  7. 7. Power of Government to make rule

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