Manipur act 005 of 2017 : The Manipur Fiscal Responsibility and Budget Management (Amendment) Act, 2017

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GOVERNMENT ^OFMANIPUR

SECRETARIAT: ^{LAW &}LEGISLATIVE

AFFAIRS

DEPARTMENT

NOTIFICATION

Imphal,

August ^{16, 2017} No. 2/50/2017-Leg/L ^:The

following

Act of

the

Legislature,

Manipur which received assent of the

Governor ofManipur ^on

August

14,

2017

is

hereby published

in

the Official Gazette:

THE MANIPUR

FISCAL RESPONSIBILITY

AND

BUDGET

MANAGEMENT (AMENDMENT)^{ACT, 2017}

(MANIPUR ^{ACTNO. 5OF}

2017)

AN

ACT

to amend

the

Manipur

Fiscal

Responsibility

and

Budget Management ^Act,

2005.

BE it enacted

by

the

Legislature

of

Manipur

in

the

Sixty-eighth year of the

Republic

of

India^asfol

lows:-

1.

(1)

This Act may be called

the

Manipur

Fiscal

Resnonsibillty and

Budget Management

(Amendment)

Act,

2017.

·

Short

tltle and (2). ^Itshall^comeinto

force^ont'nedateoftheir

publication ^{in the}

commencement. Official Gazette.

2.

F?r clause

(ii)

???uh-section (2)

of

section

8 of the

Manipur Fiscal

Responsiblllty ^and

T;JndgetManagement

Act 2005 the Amendment ^of following

shall^be

substituted,

namely:-

' '

section 8.

"(ii)

Fiscel

deficit sha'rl^beanchored^toanannual

limit^of 3% ^ofGross

State

Domestic

product.

There shall^be flexibi!ity^of0.25%^overend

above ^{3% forany}given^year for

which the

borrowing

limits are to be

fixed

if the State's debt-Gross

State Domestic Product ratio^islessthanor equal ^to25%inthe

preceding year. Furthermore, ^theState

Copy ^to:

I.

.·

2

Government shall be further

eligible

for an additional

borrowing limit of 0.25% of GSDP

in a

given year for which the

borrowing limits are to be

fixed

if the interest

payments

are^lessthanor

equal

to

I

0% of

the revenue

receipts

in the

preceding year. Thus,

the maximum fiscal deficit relative to Gross State Domestic

Productⁱⁿ any given year shall

be

3 .5%. The

flexibility

in

availing

the additional limit of 0.5% either

fully

or

partially,

i,e.

0.25%

only, shall be

subject

to^the

condition ^thatthere is no revenue deficit ⁱⁿthe year in which

borrowing

limits^aretobe

fixed

and the

immediately preceding

year."

(

Patie?anmei

)

Under

Secretary (Law) Government of

Manipur The

Secretary

to

Governor,

Raj

Bhawan,

Imphal.

2.

The

Secretary

to Chief

Minister,

Manipur.

3.

P.S. to

Deputy

Chief Minister

in-charge

of

Finance,

Manipur.

4.

2