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Date: 2015-07-01 Category: Extra Ordinary State: Union Government Country: India

These rules may be called the Fiscal Responsibility and Budget Management (Amendment) Rules, 2015.

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

Executive Summary: This document outlines amendments to the Fiscal Responsibility and Budget Management Rules, 2004. It details changes to specific figures and dates within the rules. The amendments are titled the Fiscal Responsibility and Budget Management Amendment Rules, 2015, and take effect from the date of publication in the Official Gazette, June 25th, 2015. Key Points / Main Content: * **Amendments to Rule 3:** * Subrule 1(a): The figure "2015" is substituted with "2018." * Subrule 1(b): The figure "0.6" is substituted with "0.4." * Subrule 1(c): The figure "20132014" is substituted with "20152016." * Subrule 2(a): The figure "0.5" is substituted with "0.4." * Subrule 2(b): The figure "20132014" is substituted with "20152016." * Subrule 2(c): The figure "2017" is substituted with "2018." * Subrule 5(a): The figure "2015" is substituted with "2018." * Subrule 5(b): The figure "0.8" is substituted with "0.5." * Subrule 5(c): The figure "20132014" is substituted with "20152016." * **Amendments to Rule 7:** * The figure "201213" is substituted with "201516." * Subrule (ii): The figure "60" is substituted with "70." * Subrule (iii): The figure "60" is substituted with "70." * **Amendments to Form F2:** * Paragraph E (Targets for the ensuing year): The figure "60" is substituted with "70." Impact Analysis: * **Central Government:** * Impact: The Central Government is directly affected as it is responsible for implementing and adhering to the amended Fiscal Responsibility and Budget Management Rules. * Action Required: The Central Government must update its fiscal management practices and reporting mechanisms to reflect the new figures and dates outlined in the amendment rules. * **Department of Economic Affairs:** * Impact: The Department of Economic Affairs is responsible for overseeing the implementation of these rules. * Action Required: The Department must ensure that all relevant stakeholders are informed of the changes and that the necessary systems are in place to monitor compliance. * **Government of India Press and Controller of Publications:** * Impact: These entities are responsible for publishing the official notification of the amended rules. * Action Required: They were required to publish the notification in the Gazette of India.

Key Entities Referenced

Fiscal Responsibility and Budget Management Act, 2003: An act of the Indian Parliament concerning fiscal responsibility. (Act No. 39 of 2003) Fiscal Responsibility and Budget Management Rules, 2004: Rules established in 2004 related to the Fiscal Responsibility and Budget Management Act. Ministry of Finance: The ministry responsible for the finances of the Government of India. Department of Economic Affairs: A department within the Ministry of Finance. New Delhi: The capital city of India and the location of the notification. Fiscal Responsibility and Budget Management Amendment Rules, 2015: Amendment rules to the Fiscal Responsibility and Budget Management Rules. Rajat Bhargava: Joint Secretary (Jt. Secy.) involved in the issuance of the notification. Mayapuri, New Delhi: Location of the Government of India Press.
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(1) These rules may be called the Fiscal Responsibility and Budget Management (Amendment) Rules, 2015. (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, “2015”, the figures, “2018” shall be substituted; (b) for the figures, “0.6”, the figures “0.4” shall be substituted; (c) for the figures, “2013-2014”, the figures “2015-2016” shall be substituted; (ii) in sub-rule (2), - (a) for the figures, “0.5”, the figures “0.4” shall be substituted; (b) for the figures, “2013-2014”, the figures “2015-2016” shall be substituted; (c) for the figures, “2017”, the figures “2018” shall be substituted; (iii) in sub-rule (5), - (a) for the figures, “2015”, the figures, “2018” shall be substituted; (b) for the figures, “0.8”, the figures “0.5” shall be substituted; (c) for the figures, “2013-2014”, the figures “2015-2016” shall be substituted; 3. In the rule 7 of the said rules, --- (i) for the figures “2012-13”, the figures “2015-16” shall be substituted; (ii) in sub-rule (ii), for figures, “60”, the figures “70” shall be substituted; (iii) in sub-rule (iii), for figures, “60”, the figures “70” shall be substituted.¹Hkkx IIµ[k.M 3(i)º Hkkjr dk jkti=k % vlk/kj.k 3 4. In the Form F-2 of the said rules, in paragraph “E: Targets for the ensuing year”, for the figures, “60”, the figures “70” shall be substituted. [F. No. 3/11/2015-FRBM] 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(E), dated 2nd July, 2004 and were last amended vide number G.S.R. 290 (E), dated 7th May, 2013. Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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