Which one of the following is not a provision of the Fiscal Responsibility and Budget Management Act, 2003 ?

Central Government to take appropriate measures to reduce the fiscal and revenue deficit so as to eliminate revenue deficit by March 31, 2010.

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Central government shall not borrow from RBI except by way of advances to meet temporary excess of cash disbursements over cash receipts.

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RBI not to subscribe to the primary issues of the Central Government securities from the year 2006-07.

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Central Government to take suitable measures to ensure greater transparency in its fiscal operations.

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Solution

The correct option is D Central Government to take appropriate measures to reduce the fiscal and revenue deficit so as to eliminate revenue deficit by March 31, 2010.
Central government to take appropriate measures to reduce the fiscal deficit and revenue deficit so as to eliminate revenue deficit.March 31 , 2010 is not a provision of the fiscal responsibility and Budget Management Act , 2003.

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Similar questions

Q12) consider the following statements about the FRBM act of 2003

i) It mandates the government to ensure inter-generational equity, long term macro-economic stability, and effective debt management

ii) It mandates the government to reduce fiscal deficit by 0.3% of GDP every year and Revenue deficit by 0.5% GDP every year

iii) This act implies only to the center government

iv) The center government shall not borrow from RBI except by other ways and means advances.

Identify the correct statement/s

Consider the following statements in respect of the Fiscal Responsibility and Budget Management Act:
1.It lays down limits for revenue deficit and fiscal deficit as a percentage of GDP.
2.It applies to both Central and State Governments.
3.It does not permit the Central Government to give guarantees to loans raised by PSUs and State Governments beyond 0.5 per cent of GDP.
4.It prescribes an upper limit for the liabilities of the government.
Which of these statements are correct?

Q. FRBMA, 2003 enjoins the Central Government to reduce fiscal deficit by ____% of GDP or more every year from 2004-05.

Q. Consider the following statements about the Medium Term Fiscal Policy Statement:
1. It provides 3-year rolling targets for fiscal indicators in relation to GDP at market prices.
2. The fiscal indicators included under this statement are revenue deficit, fiscal deficit, effective revenue deficit, tax to GDP ratio and outstanding central government liabilities.
Which of the above statements is/are correct?

Which among the following statements are correct about various budgetary deficits in India?

Codes :

1, 2 and 3 only
1, 3 and 4 only
2 and 3 only
All of these

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