Chhattisgarh Fiscal Responsibility and Budget Management (Amendment) Act, 2011
No: 20 Dated: Nov, 28 2011
Chhattisgarh Fiscal Responsibility And Budget Management Act, 2005
THE CHHATTISGARH FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT (AMENDMENT) ACT, 2011
An Act
further to amend the Chhattisgarh Fiscal Responsibility and Budget Management Act, 2005 (No. 16 of 2005).
Be it enacted by the Chhattisgarh State Legislature in the Sixty-second year of the Republic of India as follows:
1. (1). This Act may be called the Chhattisgarh Fiscal Responsibility and Budget Management (Amendment) Act. 2011.
(2) It extends to the whole State of Chhattisgarh.
(3) It shall come into force from the date of its publication in the Official Gazette.
2. For sub-section (1), (2) and (4) of Section 3 of the Chhattisgarh Fiscal Responsibility and Budget Management Act, 2005 (No. 16 of 2005) (hereinafter referred to as the Principal Act), the following subsections shall be substituted, namely :
(1) Annual targets :- The State Government shall maintain revenue deficit every year, beginning from financial year 2011-12, is below –
| 2011-12 | Zero |
| 2012-13 | Zero |
| 2013-14 | Zero |
| 2014-15 | Zero |
(2) The State Government shall maintain actual fiscal deficit percentage of gross State domestic product every year, beginning from financial year 2010-11, as below 2010-11
| 2011-12 | 3% |
| 2012-13 | 3% |
| 2013-14 | 3% |
| 2014-15 | 3% |
(4) (i) The State Government shall maintain total outstanding debts percentage of gross State domestic product every year. beginning from financial year 2010-11. as below
| 2010-11 | 22.00 % |
| 2011-12 | 22.50% |
| 2012-13 | 23.00% |
| 2013-14 | 23.50% |
| 2014-15 | 23.90% |
(ii) The State Government shall not assume additional local liabilities in excess of 5 percent of GDP for any financial year beginning 2011-12:
Provided that revenue deficit and fiscal deficit may exceed the limits specified under this Section on the ground or grounds of unforeseen demands of the finances of the State Government arising culi internal disturbance or natural calamity or such other EXCLP Linnal rounds as the State Government many neity.