Definitions

§2

Summary

2. In this Act, unless the context otherwise requires, - (a) " annual budget " means the annual financial statement laid before both Houses of State Legislature under Article 202 of the Constitution ; (b) " current year " means the year preceding the year for which budget and Medium Term Fiscal Restructuring Policy are being presented ; (c) " fiscal deficit " means the excess of - (i) total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over total receipts into the Fund excluding the debt receipts during a financial year; or (ii) total expenditure from the Consolidated Fund of the State (including loans but excluding repayment of debt) over own tax and non-tax revenue receipts, devolution and other grants from Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt, of the State Government during the financial year ; (d) " Fiscal indicators " means the measures such as numerical ceilings and proportions to gross state domestic product or any other rations, as may be prescribed, for evaluation of the fiscal position of the State Government ; (e) " previous year " means the year preceding the current year ; (f) " revenue deficit " means the difference between revenue expenditure and revenue receipts ; (g) " total liabilities " means the liabilities under the Consolidated Fund of the State and the public account of the State .

2. In this Act, unless the context otherwise requires, - (a) " annual budget " means the annual financial statement laid before both Houses of State Legislature under Article 202 of the Constitution ; (b) " current year " means the year preceding the year for which budget and Medium Term Fiscal Restructuring Policy are being presented ; (c) " fiscal deficit " means the excess of - (i) total disbursements from the Consolidated Fund of the State (excluding repayment of debt) over total receipts into the Fund excluding the debt receipts during a financial year; or (ii) total expenditure from the Consolidated Fund of the State (including loans but excluding repayment of debt) over own tax and non-tax revenue receipts, devolution and other grants from Government of India to the State, and non-debt capital receipts during a financial year which represents the borrowing requirements, net of repayment of debt, of the State Government during the financial year ; (d) " Fiscal indicators " means the measures such as numerical ceilings and proportions to gross state domestic product or any other rations, as may be prescribed, for evaluation of the fiscal position of the State Government ; (e) " previous year " means the year preceding the current year ; (f) " revenue deficit " means the difference between revenue expenditure and revenue receipts ; (g) " total liabilities " means the liabilities under the Consolidated Fund of the State and the public account of the State .

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