The Goa Fiscal Responsibility and Budget Management Act, 2006

{
    "id": 16395,
    "slug": "goa-fiscal-responsibility-and-budget-management-act-2006",
    "title": "The Goa Fiscal Responsibility and Budget Management Act, 2006",
    "short_title": "The Goa Fiscal Responsibility and Budget Management Act, 2006",
    "act_number": "(Goa Act 12 of 2006)",
    "act_year": 2006,
    "act_type": "STATE",
    "location": "Goa",
    "law_status": "unknown",
    "enactment_date": null,
    "description": "The Goa Fiscal Responsibility and Budget Management Act, 2006",
    "preamble": "",
    "section_label": "Section",
    "sections": [
        {
            "number": "1",
            "title": "1. Short title and commencement.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 0
        },
        {
            "number": "2",
            "title": "2. Definitions.",
            "chapter": null,
            "content": "(a) \"budget\" means the annual financial statement laid before the Legislative Assembly under article 202 of the Constitution of India;\n(b) \"current year\" means the financial year preceding the ensuing year;\n(c) \"ensuing year\" means the financial year for which the budget is being presented;\n(d) \"financial year\" means the year beginning on the 1st April and ending on 31st March next following;\n(e) \"fiscal deficit\" means the excess of,-\n(i) total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over total receipts into the Consolidated Fund excluding the debt receipts during a financial year;\n(ii) total expenditure from the Consolidated Fund of the State (including loans and advances but excluding debt repayment) over own tax and non-tax revenue receipts, devolution and other grants from the Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt of the State Government during the financial year;\n(f) \"fiscal indicators\" means the measures such as numerical ceilings and proportions to gross State domestic product, as may be prescribed, for evaluation of the fiscal position of the State Government;\n(g) \"Government\" means the Government of Goa;\n(h) \"Legislative Assembly\" means the Legislative Assembly of the State of Goa;\n(i) \"prescribed\" means prescribed by rules made under this Act;\n(j) \"revenue deficit\" means the difference between revenue expenditure and revenue receipts;\n(k) \"State\" means the State of Goa;\n(l) \"total liabilities\" means the liabilities under the Consolidated Fund of the State and the Public Account of the State.",
            "footnote": "",
            "is_definition": true,
            "sort_order": 1
        },
        {
            "number": "3",
            "title": "3. Medium Term Fiscal Plan to be laid before the Legislative Assembly.",
            "chapter": null,
            "content": "(i) the balance between revenue receipts and revenue expenditure;\n(ii) the use of capital receipts including borrowings for generating productive assets.\n(i) the medium term fiscal objectives of the Government;\n(ii) an evaluation of the performance of the prescribed fiscal indicators in the previous year vis-a-vis the targets set out earlier, and the likely performance in the current year as per revised estimates;\n(iii) a statement on recent economic trends and future prospects for growth and development affecting fiscal position of the Government;\n(iv) the strategic priorities of the Government in the fiscal matters for the ensuing financial year;\n(v) the policies of the Government for the ensuing financial year relating to taxation, expenditure, borrowings and other liabilities, lending and investments, pricing of administered goods and services and description of other activities, such as, guarantees and activities of Public Sector Undertakings which have potential budgetary implications and the key fiscal measures and targets pertaining to each of these;\n(vi) an evaluation as to how the current policies of the Government are in conformity with the fiscal management principles set out in section 4 and the fiscal objectives set out in the Medium Term Fiscal Plan.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 2
        },
        {
            "number": "4",
            "title": "4. Fiscal Management Principles.",
            "chapter": null,
            "content": "(a) maintain State Government debt at prudent and sustainable level;\n(b) manage guarantees and other contingent liabilities prudently, with particular reference to quality and level of such liabilities;\n(c) ensure that borrowings are used for productive purposes and accumulation of capital assets, and are not applied to finance current expenditure;\n(d) manage expenditure consistent with the level of revenue generated.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 3
        },
        {
            "number": "5",
            "title": "5. Fiscal Management Targets.",
            "chapter": null,
            "content": "(a) reduce the revenue deficit to nil by 31st March, 2009 and adhere to it thereafter;\n(b) reduce the ratio of revenue deficit to the total revenue receipt by 1.5% in each of the financial year, beginning on 1st day of April, 2006 in a manner consistent with the goal set out in clause (a);\n(c) reduce the ratio of fiscal deficit to Gross State Domestic Product beginning from the financial year 2006 - 2007 with medium term goal of not being more than three per cent of fiscal deficit to Gross State Domestic product to be attained by 31st March, 2009, and adhere to it thereafter;\n(d) reduce fiscal deficit by 0.5% of Gross State Domestic Product (GSDP) in each of the financial year beginning on the 1st day of April, 2006, in a manner consistent with the goal set out in clause (c);\n(e) cap the total outstanding guarantees within the specified limit under the Goa State Guarantees Act, 1993 (Goa Act No. 16 of 1993);\n(f) ensure that by 31st March, 2009, the total liabilities do not exceed 30% of the Gross State Domestic Product (GSDP) and adhere to it thereafter;\n(g) ensure that by 31st March, 2009, the ratio of interest payment to total revenue receipt does not exceed 20% and adhere to it thereafter;\n(h) undertake appropriate measures in cash management practices so as to avoid recourse to overdraft from the Reserve Bank of India:",
            "footnote": "",
            "is_definition": false,
            "sort_order": 4
        },
        {
            "number": "6",
            "title": "6. Measures for Fiscal Transparency.",
            "chapter": null,
            "content": "(a) the significant changes in the accounting standards, policies and practices affecting or likely to affect the computation of prescribed fiscal indicators;\n(b) as far as practicable and consistent with protection of public interest, the contingent liabilities created by way of guarantees.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 5
        },
        {
            "number": "7",
            "title": "7. Measures to enforce compliance.",
            "chapter": null,
            "content": "(a) any deviation in meeting the obligations cast on the Government under this Act;\n(b) whether such deviation is substantial and relates to the actual or the potential budgetary outcomes; and\n(c) the remedial measures the Government proposes to take.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 6
        },
        {
            "number": "8",
            "title": "8. Power to make rules.",
            "chapter": null,
            "content": "(a) the measures for evaluation of fiscal indicators of the Government under clause (f) of section 2;\n(b) the form of Medium Term Fiscal Plan under sub-section (5) of section 3;\n(c) the form of statement for disclosure under sub-section (2) of section 6;\n(d) The form of review report under sub-section (2) of section 7;\n(e) Any other matter which is required to be prescribed not inconsistent with the provisions of this Act.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 7
        },
        {
            "number": "9",
            "title": "9. Rules to be laid before Legislative Assembly.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 8
        },
        {
            "number": "10",
            "title": "10. Protection of action taken in good faith.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 9
        },
        {
            "number": "11",
            "title": "11. Application of other laws not barred.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 10
        },
        {
            "number": "12",
            "title": "12. Power to remove difficulties.",
            "chapter": null,
            "content": "",
            "footnote": "",
            "is_definition": false,
            "sort_order": 11
        }
    ],
    "metadata": {
        "Act ID": "goa135",
        "Act Number": "(Goa Act 12 of 2006)",
        "Enactment Date": "",
        "Act Year": "2006",
        "Short Title": "The Goa Fiscal Responsibility and Budget Management Act, 2006",
        "Type": "STATE",
        "Location": "Goa"
    },
    "updated_at": "2026-09-29 21:52:43"
}