Power to make rules

Section 8 of the Fiscal Responsibility and Budget Management Act, 2003 deals with power to make rules. The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act. The Act came into force on 05 Jul 2004.

(1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act.

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--

(a) the annual targets to be specified under sub-section (2) of section 4;

(b) the fiscal indicators to be prescribed for the purpose of sub-section (2) of section 3;

¹[(ba) the expenditure indicators with specifications of underlying assumptions and risk involved under clause (a) of sub-section (6A) of section 3;]

(c) the forms of the Medium-term Fiscal Policy Statement, ²[Fiscal Policy Strategy Statement, Medium-term Expenditure Framework Statement] and Macro-economic Frame Work Statement referred to in sub-section (7) of section 3;

³* * * * *

(d) the disclosures and form in which such disclosures shall be made under sub-section (2) of section 6;

⁴[(da) the level of short fall in revenue or excess of expenditure under sub-section (2) of section 7;]

(e) any other matter which is required to be, or may be, prescribed.

Section 8, The Fiscal Responsibility and Budget Management Act, 2003 (Act 39 of 2003).