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?rclause (ii) ???uh-section(2) of section 8 of the Manipur Fiscal Responsiblllty and T;JndgetManagement 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!ityof 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.