The Manipur Fiscal Responsibility and Budget Management (Amendment) Act, 2017

/
GOVERNMENT
OF
MANIPUR
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
ACT
NO.
5 OF
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
as
fol
lows:-
1.
(1)
This
Act
may
be called the
Manipur
Fiscal
Resnonsibillty
and
Budget
Management
(Amendment) Act,
2017.
·
Short tltle and
(2).
It shall
come
into force
on
t'ne
date
of their
publication
in the
commencement.
Official
Gazette.
2.
F?r
clause
(ii)
?? ?uh-section
(2)
of
section 8 of the
Manipur
Fiscal
Responsiblllty
and
T;Jndget
Management
Act 2005 the
Amendment
of
following
shall be
substituted,
namely:-
'
'
section 8.
"(ii)
Fiscel
deficit sha'rl be anchored
to
an
annual limit
of
3%
of Gross State Domestic
product.
There shall be
flexibi!ity
of 0.25%
over
end
above 3%
for
any
given
year
for which
the
borrowing
limits
are
to
be
fixed
if the
State's
debt-Gross State Domestic Product ratio is
less than
or
equal
to
25%
in the
preceding
year.
Furthermore,
the
State

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
less than
or
equal
to
I
0% of
the
revenue
receipts
in
the
preceding
year.
Thus,
the
maximum fiscal deficit
relative
to
Gross State Domestic
Product in
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 that
there is
no revenue
deficit
in the
year
in
which
borrowing
limits
are
to
be 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.
P.S.
to
Minister
(Law
&
Legislative
Affairs),
Manipur.
5.
Staff Officer
to
Chief
Secretary,
Government of
Manipur.
6. The
Commissioner
(Finance),
Government of
Manipur.
7. The
Secretary,
Manipur
Legislative
Assembly,
Imphal.
8. The
Director,
Printing
&
Stationery,
Manipur
for
publication
in
the
Manipur
Gazette
Extra-Ordinary
dated 16-08-2017 and
to
send 5
(five) copies
of
the
publication
to
the
Law &
Legislative
Affairs
Department,
Government of
Manipur.
9. Guard File.

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