Which of the following Acts help(s) Union Govt to control its fiscal deficit?

Finance Act

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Fiscal Responsibility and Budget Management Act

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Banking Companies Act

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Both (a) and (b)

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Solution

The correct option is D Fiscal Responsibility and Budget Management Act
The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 has been designed by the government to manage financial discipline, reduce fiscal deficit, improve macroeconomic management and improve public funds by having a balanced budget.

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Fiscal Responsibility and Budget Management Act (FRBMA) ACT 2003 concerns:

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