Fiscal Responsibility and Budget Management (Amendment) Rules, 2013

EXTRAORDINARY PUBLISHED BY AUTHORITY No. 220] NEW DELHI, TUESDAY, MAY 7, 2013/VAISAKHA 17, 1935 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 7 th May, 2013 G.S.R.290(E).— In exercise of the powers conferred by section 8 of the Fiscal Responsibility and Budget Management Act, 2003 (39 of 2003), the Central Government hereby makes the following rules further to amend the Fiscal Responsibility and Budget Management Rules,2004, namely:- 1. (1) These rules may be called the Fiscal Responsibility and Budget Management (Amendment) Rules, 2013. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Fiscal Responsibility and Budget Management Rules, 2004 (hereinafter referred to as the said rules), in rule 3, (i) in sub-rule (1), - (a) for the figures, “2009”, the figures, “2015” shall be substituted; (b) for the figures, “0.5”, the figures “0.6” shall be substituted; (c) for the figures, “2004-2005”, the figures “2013-2014” shall be substituted; (ii) in sub-rule (2), - (a) for the figures, “0.3”, the figures “0.5” shall be substituted; (b) for the figures, “2004-2005”, the figures “2013-2014” shall be substituted; (c) for the figures, “2009”, the figures “2017” shall be substituted; (iii) after sub-rule (4), the following sub-rule shall be inserted, namely :- (5) In order to achieve the target of effective revenue deficit as set out in sub-section (1) of section 4, by the 31 st day of March, 2015, the Central Government shall reduce such deficit by an amount equivalent to 0.8 per cent. or more of the GDP at the end of each financial year, beginning with the financial year 2013-2014. 3. In the rule 5 of the said rules, in sub-rule (1), after clause (i), the following clause shall be inserted, namely :- “(i a) effective revenue deficit as a percent of GDP”; 4. In rule 6 of the said rules, in sub-rule (1), after clause (c), the following clauses shall be inserted, namely:- “(d) a statement of explicit contingent liabilities, which are in the form of stipulated annuity payments over a multi-year time-frame in Form D-5, (e) a statement providing the detailed breakup of grants for creation of capital assets in Form D-6”. 5. In the rule 7 of the said rules, ------- (1) for the figures “2004-2005”, the figures “2012-2013” shall be substituted; (2) in sub-rule (ii), for figures, “45”, the figures “60” shall be substituted. (3) in sub-rule (iii), for figures, “45”, the figures “60” shall be substituted. 6. In the Form F1 of the said rules, for the table under the heading “A. Fiscal Indicators – Rolling Targets” the following table shall be substituted, namely :- 8. In the Form F-2 of the said rules, in paragraph “E-Targets for the ensuing year”, for the words and figures “the fiscal deficit is higher than 45 per cent. of the Budget Estimates for that year; or the revenue deficit is higher than 45 per cent. of the Budget Estimates for that year”, the words and figures “the fiscal deficit is higher than 60 per cent. of the Budget Estimates for that year; or the revenue deficit is higher than 60 per cent. of the Budget Estimates for that year” shall be substituted. Current Year Revised Estimates Y-1 Ensuing year Target : Budget Estimates Y Targets for the next two years Y+1 Y+2 1. Revenue Deficit as percentage of GDP 2. Effective Revenue Deficit as percentage of GDP 3. Fiscal Deficit as percentage of GDP 4. Tax Revenue as percentage of GDP 5. Total outstanding liabilities as percentage of GDP 9. After the Form D-4 of the said rules, the following Forms shall be inserted, namely :- [See rule 6] LAIBILITY ON ANNUITY PROJECTS Ministry/ Department Name of the Project Value of the Project Total Annuity Committed Term Annuity Payment (per year) [See rule 6] GRANTS FOR CREATION OF CAPITAL ASSETS Scheme Previous Year’s Actuals Current Year’s Budget Estimates Current Year’s Revised Estimates Ensuing Year’s Budget Estimates RAJAT BHARGAVA, Jt. Secy. Note: The principal Rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i), dated the 2nd July,2004 vide number G.S.R. 396 (b), dated 2nd July,2004 and were last amended vide number G.S.R. 670 (E), dated 5th September, 2012. Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-11005