(1) The Minister-in-charge of the Department of Finance (herewith referred to as Minister of Finance) shall review, every quarter, the trend in receipts and expenditure in relation to the budget estimates and place before the House of the Legislature, the outcome of such reviews.
(2) Whenever there is either shortfall in revenue or excess of expenditure over the intra-year targets mentioned in the Fiscal Policy Strategy Statement or rules made under this Act, the State Government shall take appropriate measures for increasing revenue and/or reducing expenditures.
(3) Except as provided under this Act, no deviation in meeting the obligations cast on Government under this Act shall be permissible without the approval of the Legislature.
(4) Where owing to unforeseen circumstances any deviation is made in meeting the obligations cast on Government under this Act, the Minister of Finance shall make a statement before the Legislature explaining:-
(a) Any deviation in meeting the obligations cast on Government under this Act;
(b) Remedial measures that Government proposes to take
(5) Any measures proposed in the course of the financial year, which may lead to an increase in revenue deficit, either through increase in expenditure or loss of revenue, shall be accompanied by a statement or remedial measures, proposed to neutralize such increase or loss and such statement shall be placed before the House of the Legislature.
(6) Government may set up an agency independent of the Government to review periodically the compliance of the provisions of this Act and table such review in the House of the Legislature.