Fiscal Responsibility and Budget Management Act,2003

Act No : 39

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Section : DEFINITIONS

SECTION 02: DEFINITIONS

In this Act, unless the context otherwise requires,—

(a) "fiscal deficit" means the excess of total disbursements, from the Consolidated Fund of India, excluding repayment of debt, over total receipts into the Fund (excluding the debt receipts), during a financial year;

(b) "fiscal indicators" means the measures such as numerical ceilings and proportions to gross domestic product, as may be prescribed, for evaluation of the fiscal position of the Central Government;

(c) "prescribed" means prescribed by rules made under this Act;

(d) "Reserve Bank" means the Reserve Bank of India constituted under sub- section (1) of Section 3 of the Reserve Bank of India Act, 1934 (2 of 1934);

(e) "revenue deficit" means the difference between revenue expenditure and revenue receipts which indicates increase in liabilities of the Central Government without corresponding increase in assets of that Government;

(f) "total liabilities" means the liabilities under the Consolidated Fund of India and the public account of India.

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