(1) This Act may be called The Punjab Fiscal Responsibility and Budget Management Act, 2003.
(2) It shall come into force on such date1 as the State Government may, by notification in the Official Gazette, appoint in this behalf.
2. In this Act, unless the context otherwise requires, -
(a) "annual budget" means the annual financial statement laid before the Punjab Legislative Assembly under article 202 of the Constitution of India;
(b) 2["fiscal deficit" means revenue deficit, plus budgetary capital expenditure including net loans advanced, minus other non-debt capital receipts.] It is, however, made clear that for the purpose of this definition, off budget borrowings shall be treated as borrowings by the State Government, and the expenditure incurred on subsidies due to the enterprises in the power sector whether paid or not, shall be treated as expenditure by the State Government;
(c) "fiscal indicators" means the measures such as numerical ceilings and proportions to gross domestic product, as may be prescribed, for the evaluation of the fiscal position of the State Government;
(d) "off budget borrowings" means borrowings by the State Government or its Agencies which are not reflected in the Budget;
(e) "prescribed" means prescribed by rules made under this Act;
(f) "Reserve Bank" means the Reserve Bank of India constituted under sub- section (1) of Section 3 of the Reserve Bank of India Act, 1934 (Act 2 of 1934);
(g) 3["revenue deficit" means the budgetary revenue receipt, minus budgetary revenue expenditure.] It is, however, made clear that for the purpose of calculating revenue deficit, expenditure incurred on subsidies due to the enterprises in the power sector, whether paid or not, shall be treated as expenditure incurred by the State Government;
1 This Act has come into force on and with effect from 5th day of May, 2003- vide Government of Punjab, Department of Finance, Notification No. 1 (5)5302/5FE4/9866, dated the 22nd December, 2003.
2 Substituted by Punjab Act No. 1 of 2006, Section 2 3Substituted by Punjab Act No. 1 of 2006, Section 2 Short title and commencement.
Definitions.
(h) "State Government" means the Government of the State of Punjab in the Department of Finance; and
(i) "total liabilities" means the liabilities under the Consolidated Fund of the State and the public account of the State referred to in article 266 of the Constitution of India.