The Goa Fiscal Responsibility and Budget Management Rules, 2007

{
    "id": 16396,
    "slug": "the-goa-fiscal-responsibility-and-budget-management-rules-2007",
    "title": "The Goa Fiscal Responsibility and Budget Management Rules, 2007",
    "short_title": "The Goa Fiscal Responsibility and Budget Management Rules, 2007",
    "act_number": "Published vide Notification No. G. O. Ms. No. 1/5/",
    "act_year": 2007,
    "act_type": "STATE",
    "location": "Goa",
    "law_status": "unknown",
    "enactment_date": null,
    "description": "The Goa Fiscal Responsibility and Budget Management Rules, 2007",
    "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) \"Act\" means the Goa Fiscal Responsibility and Budget Management Act, 2006;\n(b) \"Form\" means a form appended to these rules;\n(c) \"Section\" means a section of the Act;\n(d) Words and expressions used herein but not defined and defined in the Act shall have the meanings respectively assigned to them in the Act.",
            "footnote": "",
            "is_definition": true,
            "sort_order": 1
        },
        {
            "number": "3",
            "title": "3. Medium Term Fiscal Plan.",
            "chapter": null,
            "content": "Form F-1\n(a) Revenue deficit as a percentage of TRR;\n(b) Fiscal deficit as a percentage of GSDP;\n(c) Outstanding total liabilities as a percentage of GSDP;\n(d) Ratio of Interest payment to total revenue receipt.\nForm F-2",
            "footnote": "",
            "is_definition": false,
            "sort_order": 2
        },
        {
            "number": "4",
            "title": "4. Disclosures.",
            "chapter": null,
            "content": "(a) a statement of select indicators of fiscal situation in Form D-1 ;\nForm D-1\n(b) a statement on components of State Government liabilities and interest cost of borrowings/mobilisation of deposits in Form D-2 ;\nForm D-2\n(c) a statement on the Consolidated Sinking Fund in Form D-3 ;\nForm D-3\n(d) a statement on guarantees given by the Government in Form D-4 ;\nForm D-4\n(e) a statement on outstanding risk-weighted guarantees in Form D-5 ;\nForm D-5\n(f) a statement on the Guarantee Redemption Fund in Form D-6 ;\nForm D-6\n(g) a statement giving details of number of employees in Government, public sector and aided institutions and related salaries and pensions in Form D-7 .\nForm D-7",
            "footnote": "",
            "is_definition": false,
            "sort_order": 3
        },
        {
            "number": "5",
            "title": "5. Measures to enforce compliance.",
            "chapter": null,
            "content": "(i) the total non-debt receipts are less than 40 per cent of Budget Estimates for that year; or\n(ii) the fiscal deficit is higher than 45 per cent of the Budget Estimates for that year; or\n(iii) the revenue deficit is higher than 45 per cent of the Budget Estimates for that year;\nForm F-1\nForm F-1\n( See Rule 3)\nA. Fiscal Indicators-Rolling Targets\nPrevious Year (Y-2) Actuals\nCurrent Year (Y-1) Budget Estimates (BE)\nCurrent Year (Y-1) Revised Estimates (RE)\nEnsuing Year (Y) Revised Estimates (BE)\nTargets for next Two Years Y+1 Y+2\n1.\nRevenue Deficit as percentage of GSDP\n2.\nRevenue Deficit as percentage of Total Revenue Receipts\n3.\nFiscal Deficit as Percentage of GSDP\n4.\nTotal outstanding Liabilities as percentage of GSDP\n5.\n[Any additional target(s)]\nB. Assumption underlying the Fiscal Indicators",
            "footnote": "",
            "is_definition": false,
            "sort_order": 4
        },
        {
            "number": "1",
            "title": "1. Revenue receipts",
            "chapter": null,
            "content": "(a) Tax-revenue-Sectoral and GSDP growth rates;\n(b) Non-tax-revenue-Policy;\n(c) Devolution to Local Bodies;\n(d) Share of own tax revenue to total tax revenue;\n(e) Share of own non-tax revenue to total non-tax revenue.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 5
        },
        {
            "number": "2",
            "title": "2. Capital receipts- Debt stock, repayment, fresh loans and policy stance",
            "chapter": null,
            "content": "(a) Loans and advances from the Centre;\n(b) Special securities issues to the NSSF;\n(c) Recovery of loans and advances;\n(d) Borrowings from financial institutions;\n(e) Other receipts (net)-small savings, provident funds, etc.;\n(f) Outstanding Liabilities-Internal Debt and Other Liabilities.",
            "footnote": "",
            "is_definition": false,
            "sort_order": 6
        },
        {
            "number": "3",
            "title": "3. Total expenditure- Policy Stancess",
            "chapter": null,
            "content": "(g) Revenue account\n(i) Interest payments - (a) on borrowings during the year (aggregate and category-wise)\n(b) on outstanding liabilities-\n(i) (aggregate and category-wise)\n(ii) Major subsidies\n(iii) Salariess\n(iv) Pensions\n(v) Others\n(h) Capital account\n(i) Loans and advances\n(ii) Capital Outlay",
            "footnote": "",
            "is_definition": false,
            "sort_order": 7
        },
        {
            "number": "4",
            "title": "4. GSDP Growth",
            "chapter": null,
            "content": "C. Assessment of sustainability relating to :\n(i) The balance between receipts and expenditure in general and revenue receipts and revenue expenditure in particular. The Medium Term Fiscal Policy Statement may specify the tax-GSDP ratio, own tax-GSDP ratio and State's share in Central tax-GSDP ratio for the current year and subsequent two years with an assessment of the changes required for achieving it. It may discus the non-tax revenues and the policies concerning the same. Expenditure on revenue account, both plan and non-plan, may be also discussed with particular emphasis on the measures proposed to meet the overall objectives. It may discuss policies to contain expenditure on salaries, pension, subsidies and interest payments. An assessment of the capital receipts shall be made, including the borrowings and other liabilities, as per policies spelt out. The statement shall also give projections for GSDP and discuss it on the basis of assumptions underlying the indicators in achieving the sustainability objective.\n(ii) The use of capital receipts including market borrowings for generating productive assets. The Medium Term Fiscal Policy Statement may specify the proposed use of capital receipts for generating productive assets in different categories. It may also spell out the proposed changes among these categories and discuss them in terms of the overall policy of the Government.\n(iii) The estimated yearly pension liabilities worked out on actuarial basis for the next ten years. In case it is not possible to calculate the pension liabilities on actuarial basis during the period of first three years after the coming into force of this Ordinance, the State Government may, during that period, estimate the pension liabilities by making force cases on the basis of trend growth rates (i.e. average rate of growth of actual pension payments during the last three years for which data are available).\nForm F-2\nForm F-2\n( See Rule 3)\nMedium Term Fiscal Plan\nMedium Term Fiscal Plan\nA. Fiscal Policy Overview.\nB. Fiscal policy for the ensuing year.\n(1) Tax Policy - In the sub-paragraph on tax policy, major changes proposed to be introduced in direct and indirect taxes in the ensuing financial year will be presented. It shall contain an assessment of exemption in various taxes and how far it relates to principles regarding tax exemptions.\n(2) Expenditure Policy - Under expenditure policy, major changes proposed in the allocation for expenditure shall be indicated. It shall also contain an assessment of principles regarding the benefits and target group of beneficiaries.\n(3) Borrowings and Other Liabilities, Lending and Investments - In this sub-paragraph on borrowings, the policy relating to internal debt, including the access to WMA/OD facility from the Reserve Bank of India, Government lending, investments and other activities; including principles regarding average maturity structure, bunching of repayments, etc., shall be indicated. The borrowings by Public Sector Undertakings and Special Purpose Vehicle, lending, investments, pricing of user charges on public goods and utilities and description of other activities, and activities of Public Sector Undertakings which have potential budgetary implications; and the key fiscal measures and targets pertaining to each of these shall be indicated.\n(4) Consolidated Sinking Fund - In this sub-paragraph, the policy related to the Consolidated Sinking Fund (CSF) shall be indicated.\n(5) Contingent and other Liabilities - Any change in the policy on contingent and other liabilities, in particular guarantees, which have potential budgetary implications shall be indicated. Any change in the policy related to borrowings by special purpose vehicle (SPV) and other equivalent instruments where liability for repayment is on the State Government shall be indicated. The policy on building up of the Guarantee Redemption Fund (GRF) and commission charges/collected for guarantees issued shall also be indicated.*\n(6) Levy of User Charges - Any change proposed in the levy of user charges of public services shall be spelt out.\nC. Strategic priorities for the ensuing year.\nD. Rationale for Policy changes.\nE. Policy Evaluation.\nForm D-1\nForm D-1\n( See Rule 4)\nSelect Fiscal Indicators\nSelect Fiscal Indicators\nSr. No.\nItem\nPrevious Year (Actuals)\nCurrent Year (RE)\n1\n2\n3\n4\n1.\nGross Fiscal Deficit as Percentage of GSDP.\n2.\nRevenue Deficit as Percentage of Gross Fiscal Deficit.\n3.\nRevenue Deficit as Percentage of GSDP.\n4.\nRevenue Deficit as Percentage of TRR.\n5.\nTotal Liabilities-GSDP Ratio (%).\n6.\nTotal Liabilities-Total Revenue Receipts (%).\n7.\nTotal Liabilities-State's Own Revenue Receipts (%).\n8.\nState's Own Revenue Receipts to Revenue Expenditure (%).\n9.\nCapital Outlay as Percentage of Gross Fiscal Deficit.\n10.\nInterest Payment as Percentage of Revenue Receipts.\n11.\nSalary Expenditure as Percentage of Revenue Receipts.\n12.\nPension Expenditure as Percentage of Revenue Receipts.\n13.\nNon-developmental Expenditure as Percentage of aggregate\n\t\t\t\t\tdisbursements.\n14.\nGross Transfers from the Centre as Percentage of Aggregate\n\t\t\t\t\tDisbursements.\n15.\nNon-tax Revenue as Percentage of TRR.\nForm D-2\nForm D-2\n( See Rule 4)\nA. Components of State Government Liabilities\nA. Components of State Government Liabilities\n(Rs. Crore)\nCategory\nRaised during the Fiscal Year\nRepayment/Redemption during the Fiscal Year\nOutstanding (End march)\nPrevious Year (Actuals)\nCurrent Year (RE)\nPrevious Year (Actuals)\nCurrent Year (RE)\nPrevious Year (Actuals)\nCurrent Year (RE)\nMarket Borrowings\nLoans from Centre\nSpecial Securities issued to the NSSF\nBorrowings from Financial Institutions/Banks\nWMA/OD from RBI\nSmall Savings. Provident Funds, etc.\nReserve Funds/Deposits\nOther Liabilities\nTotal\nTotal\nForm D-2\nForm D-2\n( See Rule 4)\nB. Weighted Average Interest Rates on State Government Liabilities\nB. Weighted Average Interest Rates on State Government Liabilities\n(Per cent)\nCategory\nRaised during the Fiscal Year\nOutstanding Amount (End march)\nPrevious Year (Actuals)\nCurrent Year (RE)\nPrevious Year (Actuals)\nCurrent Year (RE)\nMarket Borrowings\nLoans from Centre\nSpecial Securities issued to the NSSF\nBorrowings from Financial Institutions/Banks\nWMA/OD from RBI\nSmall Savings. Provident Funds, etc.\nReserve Funds/Deposits\nOther Liabilities\nTotal*\nTotal*\n* Weighted average interest rate where the respective weight is the amount borrowed. This is calculated on contractual basis and then annualized.\n* Weighted average interest rate where the weights are the amount of the respective components of State Government Liabilities.\nForm D-3\nForm D-3\n( See Rule 4)\nConsolidated Sinking Fund (CSF)\nConsolidated Sinking Fund (CSF)\nOutstanding balance in CSF at the beginning of\n\t\t\t\tthe previous year\nAdditions to CSF during the previous year\nWithdrawals from  CSF during the previous year\nOutstanding balance in CSF at the end of the\n\t\t\t\tprevious year beginning of current year\nOutstanding Stock of SLR Borrowings (%)\nAdditions to  CSF During the current year\nWithdrawals from CSF during the current year\nOutstanding at the end of current/beginning of\n\t\t\t\tensuring year\nStock of SLR Borrowing (%)\n(1)\n(2)\n(3)\n(4)\n(5)\n(6)\n(7)\n(8)\n(9)\nForm D-4\nForm D-4\n( See Rule 4)\nGuarantee given by the Government\nGuarantee given by the Government\nCategory (No. of Guarantees within bracket)\nMaximum amount guaranteed during the year\nOutstanding at the beginning of the year\nAdditional during the year\nReductions during the year (other than invoked\n\t\t\t\t\tduring the year\n(Rs. crore)\n(Rs. Crore)\n(Rs. Crore)\n(Rs. Crore)\n(1)\n(2)\n(3)\n(4)\n(5)\nInvoked during the year (Rs. Crore)\nOutstanding at the end of the year (Rs.\n\t\t\t\t\tCrore)\nGuarantee Commission or fee (Rs. Crore)\nRemarks\nDischarged\nNot Discharged\nReceivable\nReceived\n(6)\n(7)\n(8)\n(9)\n(10)\n(11)\nForm D-5\nForm D-5\n( See Rule 4)\nOutstanding Risk-Weighted Guarantees\nOutstanding Risk-Weighted Guarantees\n(Amount in Rs. Crore)\nDefault Probability\nRisk Weights (percent)\nAmount outstanding as in the Previous Year and\n\t\t\t\t\tthe Current year\nRisk weighted outstanding guarantee in the\n\t\t\t\t\tPrevious Year and Current Year\nDirector Liabilities\n100\nHigh Risk\n75\nMedium Risk\n50\nLow Risk\n25\nVery Low Risk\n5\nTotal Outstanding\nTotal Outstanding\nNote: The risk-weights have been pre-specified for various risk categories:\nForm D-6\nForm D-6\n( See Rule 4)\nGuarantee Redemption Fund (GRF)\nGuarantee Redemption Fund (GRF)\n(Amount in Rs. Crore)\nOutstanding invoked guarantees at the end of the\n\t\t\t\tPrevious Year Outstanding\nAmount in GRF at the end of the Previous Year\nAmount of Guarantees likely to be invoked during\n\t\t\t\tthe Current Year\nAddition to GRF during the Current Year\nWithdrawal from the GRF during the Current Year\n\t\t\t\tOutstanding\nAmount in GRF at the end of the Current Year\n(1)\n(2)\n(3)\n(4)\n(5)\n(6)\nNotes:\n(i) As per the terms of the GRF during each year, the Government is required to contribute an amount equivalent atleast to 1/5th of the outstanding invoked guarantees plus an amount likely to be invoked as a result of the incremental guarantees issued during the year.\n(ii) Previous year refers to the year preceding the current year.\nForm D-7\nForm D-7\n( See Rule 4)\nNumber of Employees in Public Sector Undertakings & Aided Institutions Expenditure of State Government\nNumber of Employees in Public Sector Undertakings & Aided Institutions Expenditure of State Government\nSr. No.\nSector Name\nTotal Employees as on 31-03-\nRelated Expenditure during (Rs. In crores)\nOn Salary\nOn Pension\n1.\nState Government\n2.\nJudiciary\n3.\nAided Educational Institutions\n4.\nZilla Praja Parishads\n5.\nMandal Praja Parishads\n6.\nGram Panchayats\n7.\nMunicipal Corporations\n8.\nMunicipalities\n9.\nUrban Development Authorities\n10.\nAgriculural Market Committees\n11.\nZilla Grandhalaya Samsthas\n12.\nState Public Sector Undertakings\n13.\nUniversities\n14.\nCo-operative Institutions and other Government Bodies\n15.\nTemples\nTOTAL\nTOTAL",
            "footnote": "",
            "is_definition": false,
            "sort_order": 8
        }
    ],
    "metadata": {
        "Act ID": "goa136",
        "Act Number": "Published vide Notification No. G. O. Ms. No. 1/5/2006-Fin (Bud), dated 26th November, 2007",
        "Enactment Date": "",
        "Act Year": "2007",
        "Short Title": "The Goa Fiscal Responsibility and Budget Management Rules, 2007",
        "Type": "STATE",
        "Location": "Goa"
    },
    "updated_at": "2026-09-29 21:55:19"
}