{ "id": 16972, "slug": "haryana-fiscal-responsibility-and-budget-management-act-2005", "title": "Haryana Fiscal Responsibility and Budget Management Act, 2005", "short_title": "Haryana Fiscal Responsibility and Budget Management Act, 2005", "act_number": "(Haryana Act No. 6 of 2005)", "act_year": 2005, "act_type": "STATE", "location": "Haryana", "law_status": "unknown", "enactment_date": null, "description": "Haryana Fiscal Responsibility and Budget Management Act, 2005", "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) \"aided institution employee\" means a person in the whole time employment of any primary school, secondary school, college, university or technical education institution recognised and aided by the State Government for payment of salary etc.;]\n[(aa)] \"budget\" means the annual financial statement laid before the House of the Legislature of the State of Haryana 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) \"GSDP\" means Gross State Domestic Product at current market prices;\n(f) \"fiscal deficit\" is the excess of aggregate disbursements (net of debt repayments) over revenue receipts, recovery of loans and non-debt capital receipts;\n(g) \"fiscal indicators\" are such indicators as may be prescribed for evaluation of the fiscal position of the State Government;\n(h) \"fiscal targets\" are the numerical ceilings and proportions to total revenue receipts (TRR) or GSDP for the fiscal indicators;\n(i) \"prescribed\" means prescribed by rules made under this Act;\n(j) \"previous year\" means the year preceding the current year;\n[(jj) \"public sector employee\" means a person in the whole time employment of any public sector undertaking including boards and corporation of the State of Haryana and drawing salary from the concerned institute;]\n(k) \"revenue deficit\" means the difference between revenue expenditure and total revenue receipt (TRR);\nExplanation.\n(l) \"special purpose vehicle\" means an organisation or institution set up by State Government to discharge specific assignments/duties within a specified period in respect of financial transactions or raising of loans from financial institutions or the market for specific purposes against State guarantees;\n(m) \"State Government\" means the Government of the State of Haryana; and\n(n) \"total liabilities\" means the liabilities under the Consolidated Fund of the State and the public account of the State and shall also include borrowing by the public sector undertakings and the special purpose vehicles and other equivalent instruments including guarantees where the principal and/or interest are to be serviced out of the State budgets.", "footnote": "", "is_definition": true, "sort_order": 1 }, { "number": "3", "title": "3. Fiscal management objectives.", "chapter": null, "content": "(a) take appropriate measures to eliminate the revenue deficit and thereafter build up adequate revenue surplus and contain the fiscal deficit at a sustainable level, and utilize such surplus for discharging the liabilities in excess of the assets or for funding capital expenditure;\n(b) pursue policies to raise non-tax revenue with due regard to cost recovery and equity; and\n(c) lay down norms for prioritisation of capital expenditure, and pursue expenditure policies that would provide impetus for economic growth, poverty reduction and improvement in human welfare.", "footnote": "", "is_definition": false, "sort_order": 2 }, { "number": "4", "title": "4. Fiscal management principles.", "chapter": null, "content": "(a) transparency in setting the fiscal policy objectives, the implementation of public policy and the publication of fiscal information so as to enable the public to scrutinise the conduct of fiscal policy and the State of public finances;\n(b) stability and predictability in fiscal policy making process and in the way fiscal policy impacts the economy;\n(c) responsibility in the management of public finances, including integrity in the budget formulation;\n(d) fairness to ensure that policy decisions of the State Government have due regard to their financial implications on future generations; and\n(e) efficiency in the design and implementation of the fiscal policy and in managing the assets and liabilities of the public sector balance sheet.", "footnote": "", "is_definition": false, "sort_order": 3 }, { "number": "5", "title": "5. Fiscal policy statements to be laid before the State Legislature.", "chapter": null, "content": "(a) the Macroeconomic Framework Statement;\n(b) the Medium Term Fiscal Policy Statement; and\n(c) the Fiscal Policy Strategy Statement.", "footnote": "", "is_definition": false, "sort_order": 4 }, { "number": "6", "title": "6. Macroeconomic framework statement.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 5 }, { "number": "7", "title": "7. Medium term fiscal policy statement.", "chapter": null, "content": "(i) the balance between revenue receipts and revenue expenditure;\n(ii) the use of capital receipts including borrowing for generating productive assets; and\n(iii) the estimated yearly pension liabilities worked out on actuarial basis for the next ten years :", "footnote": "", "is_definition": false, "sort_order": 6 }, { "number": "8", "title": "8. Fiscal policy strategy statement.", "chapter": null, "content": "(i) the fiscal policies of the State Government for the ensuing year relating to taxation, expenditure, borrowing and other liabilities (including borrowings by public sector undertakings and special purpose vehicle and other equivalent instruments whereby liability for repayment is on the State Government), lending, investments, other contingent liabilities, user charges on public goods/utilities and description of other activities, such as guarantees and activities of public sector undertakings which have potential budgetary implications;\n(ii) the strategic priorities of the State Government in the fiscal area for the ensuing year;\n(iii) the key fiscal measures and the rationale for any major deviation in fiscal measures pertaining to taxation, subsidy, expenditure, borrowings and user charges on public goods/utilities; and\n(iv) an evaluation of the current policies of the State Government via-a-vis the fiscal management principles set out in Section 4, the fiscal objectives set out in the medium term fiscal policy statement in sub-section (1) of Section 7 and fiscal targets set out in Section 9.", "footnote": "", "is_definition": false, "sort_order": 7 }, { "number": "9", "title": "9. Fiscal targets.", "chapter": null, "content": "[(a) bring out annual reduction in revenue deficit form the financial year 2005-06, so as to bring it down to zero by 2008-09 and generate revenue surplus thereafter;]\n[(b) bring out annual reduction in fiscal deficit form the financial year 2005-06, so as to bring it down to 3% of GSDP by the year ending March, 2009;]\n(c) ensure within a period of five years, beginning from the financial year 2005-06 and ending on 31st March, 2010, that the outstanding total debt including contingent liabilities do not exceed 28 per cent of the estimated GSDP for that year :\n[(d) bring out annual statement giving prospects for the States economy and related fiscal strategy; and\n(e) bring out special reports along with the budget giving details of number of employees in Government, public sector and aided institutions and their related salaries.]", "footnote": "", "is_definition": false, "sort_order": 8 }, { "number": "10", "title": "10. 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 fiscal indicators;\n(b) details of borrowing by way of ways and means advances/overdraft availed of from the reserve Bank of India.", "footnote": "", "is_definition": false, "sort_order": 9 }, { "number": "11", "title": "11. Measures to enforce compliance.", "chapter": null, "content": "Provided that nothing in this sub-section shall apply to the expenditure charged on the Consolidated Fund of the State under Clause (3) of article 202 of the Constitution of India or any other expenditure, which is required to be incurred under any agreement or contract, which cannot be postponed or curtailed.\n(b) Where owing to unforeseen circumstances, any deviation is made in meeting the obligations cast on the State Government under this Act, the Minister of Finance shall make a statement in the House of the State Legislature explaining -\n(i) any deviation in meeting the obligations cast on the State Government under this Act;\n(ii) whether such deviation is substantial and relates to the actual or the potential budgetary outcomes; and\n(iii) the remedial measures, the State Government proposes to take.", "footnote": "", "is_definition": false, "sort_order": 10 }, { "number": "12", "title": "12. Protection of action taken in good faith.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 11 }, { "number": "13", "title": "13. Application of other laws not barred.", "chapter": null, "content": "", "footnote": "", "is_definition": false, "sort_order": 12 }, { "number": "14", "title": "14. Power to remove difficulties.", "chapter": null, "content": "Provided that no order shall be made under this section after the expiry of two years from the commencement of this Act.", "footnote": "", "is_definition": false, "sort_order": 13 }, { "number": "15", "title": "15. Power to make rules.", "chapter": null, "content": "(a) the form of the macroeconomic framework statement under Section 6;\n(b) the form of medium term fiscal policy statement, including the rolling targets for the fiscal indicators under Section 7;\n(c) the form of fiscal policy strategy statement under Section 8;\n(d) the forms of disclosure under sub-section (2) of Section 10;\n(e) measures to enforce compliance;\n(f) the manner of review of compliance of the provisions of this Act by the independent agency under Section 11; and\n(g) any other matter which is required to be, or may be, prescribed.", "footnote": "", "is_definition": false, "sort_order": 14 } ], "metadata": { "Act ID": "Last Updated 22nd January, 2020 [hl789]", "Act Number": "(Haryana Act No. 6 of 2005)", "Enactment Date": "", "Act Year": "2005", "Short Title": "Haryana Fiscal Responsibility and Budget Management Act, 2005", "Type": "STATE", "Location": "Haryana" }, "updated_at": "2026-09-29 21:55:19" }