The JHARKHAND FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT (AMENDMENT) ACT, 2011

[JHARKHAND ACT 26, 2011] 
THE JHARKHAND FISCAL RESPONSIBILITY AND BUDGET 
MANAGEMENT (AMENDMENT) ACT, 2011 
AN 
ACT  
                                                                                                                                    [ 20 th  October, 2011]  
          To amend the Jharkhand Fiscal Responsibil ity and Budget Management Act, 2007 
(Act 07,2007) In pursuance of the Government of Ind ia’s policy on State’s Fiscal 
Consolidation for the financial year 2010—15. 
         Be it enacted by the Legislative Assembly of Jharkhand in the Sixty Second year of 
the Republic of India as follows:-  
1.      Short title extent and commencement ;  
(i)    This Act may be called the Jharkhand Fiscal Responsibility and Budget 
Management (Amendment) Act, 2011. 
        (ii)          It shall extent to the whole of the State of Jharkhand. 
        (iii)         It shall come into force from the date of the notification in official Gazette. 
 
2.     Amendment in Section 5(1)(b) and insert a ne w Sub-section 5(h) at the end of 
Section 5 of  the  Jharkhand Fiscal Responsibility and Budget Management Act, 2007. 
(i)         Section 5(1)(b) of the said Act shall be substituted as follows. 
                                    “Reducing fiscal deficit to 3% (Three percent)  of the estimated 
Gross State Domestic Product at the end of 31 
st  March , 2012.” 
(ii)   At the end of Section 5 of the said Act a Su b-section (h) shall be inserted as 
follows :- 
                        “Achieving the year wise ratio between outstanding debts to Gross State  
                    Domestic Product. 
 
 
Outstanding Debt Target  
(In percentage of G.S.D.P.)  
F.Y. 2010-11 2011-12 2012-13 2013-14 2014-15 
Target  29 28-5 27-8 27-3 26-9 
 
3.         At the end of Section 8 of the said Act a  Sub- section (7) shall be   inserted as 
follows :- 
                           “ A Committee shall be constituted to constant monitor State progress on 
its fiscal Correction path and to review Fiscal and  Outstanding Debt Position of the State. 
The State Government shall have the power to make proper rules in consonance with the 
provision of the Act for regulating the constitutio n of this Committee, the number of 
members and their selection Procedures, working and  structures of office of the 
Committee etc.” 
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