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TMI BlogNotes on clauses - Fiscal Responsibility and Budget ManagementX X X X Extracts X X X X X X X X Extracts X X X X ..... lauses (aa) and (bb) defining the expressions of effective revenue deficit and grants for creation of capital assets . Clause 147 seeks to amend section 3 of the aforesaid Act relating to fiscal policy statements to be laid before Parliament. It is proposed to amend sub-section (1) of the said section so as to insert a new clause (d) relating to the Medium-term Expenditure Framework Statement whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n (6A) in the aforesaid section so as to provide that (a) the Medium-term Expenditure Framework Statement shall set forth a three-year rolling target for prescribed expenditure indicators with specification of underlying assumptions and risk involved; (b) the Medium-term Expenditure Framework Statement shall, inter alia, contain the expenditure commitment of major policy changes involving new serv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 31st March, 2009 and thereafter build up adequate revenue surplus. Sub-section (2), inter alia, provides that the Central Government shall, by rules made by it, specify the annual targets for reduction of fiscal deficit and revenue deficit during the period beginning with the commencement of this Act and ending on 31 st March, 2009.It is proposed to amend the aforesaid sub-section (1) so as to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the Central Government may entrust the Comptroller and Auditor-General of India to review periodically as required, the compliance of the provisions of this Act and such reviews shall be laid on the table of both Houses of Parliament. Clause 150 seeks to amend sub-section (2) of section 8 of the aforesaid Act relating to power to make rules. It proposes to make certain amendments which are conse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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