Assam act 018 of 2009 : The Assam Fiscal Responsibility and Budget Management (Amendment) Act, 2009

NVW

Registered No. 768/97

THE ASSAM GAZETTE

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EXTRAORDINARY

PUBLISHED BY THE AUTHORITY

258 28 srrsft, 2009, 6 t»R, 1931 ( ^ ) No. 258 Dispur, Friday, 28th August, 2009, 6th Bhadra, 1931 (S.E.)

GOVERNMENT OF ASSAM

ORDERS BY THE GOVERNOR

LEGISLATIVE DEPARTMENT :: LEGISLATIVE BRANCH

NOTIFICATION

The 28th August, 2009

No.LGL.59/2005/52 The following Act of the Assam Legislative Assembly which

received the assent of the Governor is hereby published for general information. ASSAM ACT NO. XVIII OF 2009 (Received the assent of Governor on 26th August, 2009) THE ASSAM FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT (AMENDMENT) ACT, 2009

1380 THE ASSAM GAZETTE, EXTRAORDINARY, AUGUST 28, 2009 1

Preamble

Short title,

extent and

commencement

act further to amend the Assam Fiscal Responsibility and Budget Management Act, 2005,

Whereas it is expedient further to amend the Assam Fiscal Responsibility and Budget Management Act, 2005, hereinafter referred to as the principal Act, in the manner hereinafter appearing;

It is hereby enacted in the Sixtieth Year of the Republic o f India as follows; -

1. (1) This Act may be called the Assam Fiscal Responsibility and Budget Management (Amendment) Act, 2009.

(2) It shall have the like extent as the principal Act.

(3) It shall be deemed to have come into force on the first day of September, 2005, the day on which the principal Act came into force.

2. In the principal Act, in section 4, in sub-section (3), -

(i) for the existing clause (v), the following shall be substituted, namely; - Amendment o f "(v) reduce fiscal deficit to 3.5% o f the estimated Gross State Domestic section 4 Product within a period of five financial years beginning on the 1^stday of April, 2005 and ending on the 31⁵¹day o f March, 2010;" ;

(ii) for the existing clause (viii), the following shall be substituted, namely : -

Assam Act

XXVII

o f 2005

"(viii) State Government guarantee for the loans contracted by Public Sector . Undertakings, Boards, Companies, Corporations, Cooperative Societies or Autonomous organizations under the State Government, shall be restricted at any point of time to fifty percent o f State's own tax and non-tax revenue of the second preceding year, as reflected in the books o f accounts as maintained by the Accountant General and this limit is fixed as per Article 293 (1) of the Constitution of India;".

MOHD. A. HAQUE,

Secretary to the Government of Assam, Legislative Department, Dispur. GUWAHATI - Printed and published by the Dy. Director (P&S) Directorate of Ptg. and Sty., Assam Guwahati-21 (Ex-Gazette) No. 515-500+600-28-8-2009.