THE WEST BENGAL FISCAL RESPONSIBILITY AND BUGET MANAGEMENT (AMENDMENT) ACT, 2011 WEST BENGAL ACT III of 2011 [Passed by the West Bengal Legislature] [Assent of the Governor was first published in the Kolkata Gazette, Extraordinary, of the 4th April, 2011]. An Act to amend the West Bengal Fiscal Responsibility and Budget Management Act, 2010. West Bengal Act XIV of 2010 Whereas it is expedient to amend the West Bengal Fiscal Responsibility and Budget Management Act, 2010, for the purposes and in the manner herein after appearing; It is hereby enacted in the Sixty-second Year of the Republic of India, by the Legislature of West Bengal, as follows:- Short title and commencement 1. (1) This Act may be called the West Bengal Fiscal Responsibility and Budget Management (Amendment) Act, 2011. (2) It shall be deemed to have come into force with effect from the 7th day of February, 2011. (Sections 2, 3) Amendment of section 2 of West Bengal Act XIV of 2010 2. In section 2 of the West Bengal Fiscal Responsibility and Budget Management Act, 2010 (herein after referred to as the principal Act), after clause (b), the following clause shall be inserted:- ‘(ba) “debt stock” means the total debt outstanding at the beginning of the financial year plus the gross borrowing during the year minus the liabilities discharged during the year;’. Amendment of section 4 3. In section 4 of the principal Act, for sub-section (2), the following sub-section shall be substituted:- “(2) In particular and without prejudice to the generality of the foregoing provision, the State Government shall progressively reduce— (a) debt stock to 34.3% of the Gross State Domestic Product (GSDP) within a period of five Years commencing from the year 2010-2011 and ending on the 2014-2015, in the manner as mentioned below:- | Year | Maximum debt stock as per centum of Gross State Domestic Product (GSDP) | | (1) | (2) | | 2010-2011 | 40.6 | | 2011-2012 | 39.1 | | 2012-2013 | 37.7 | | 2013-2014 | 35.9 | | 2014-2015 | 34.3 | (b) revenue deficit to nil within a period of five years commencing from the year 2010-2011 and ending on the 2014-2015, in the manner as mentioned below:- | Year | Maximum revenue deficit as per centum of Gross State Domestic Product (GSDP) | | (1) | (2) | | 2010-2011 | 3.6 | | 2011-2012 | 1.6 | | 2012-2013 | 1.1 | | 2013-2014 | 0.5 | | 2014-2015 | 0.0 | (c) fiscal deficit to 3% of the Gross State Domestic Product (GSDP) within a period of four years commencing from the year 2010-2011, in the manner as mentioned below:- | Year | Maximum fiscal deficit as per centum of Gross State Domestic Product (GSDP) | | (1) | (2) | | 2010-2011 | 3.5 | | 2011-2012 | 3.5 | | 2012-2013 | 3.5 | | 2013-2014 | 3.0 | | 2014-2015 | 3.0 | (Section 4) Provided that the debt stock, the revenue deficit and the fiscal deficit may exceed such limit due to the ground of such natural calamity, or such other exceptional circumstances, as the State Government may, by order published in the Official gazette, specify: Provided further that every order made under the first provision, shall be laid, as soon as may be after it is made, before the West Bengal Legislative Assembly”. Repeal and savings 4. (1) The West Bengal Fiscal responsibility and Budget Management (Amendment) Ordinance, 2011, is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the West Bengal Fiscal Responsibility and Budget Management Act, 2010, as amended by the said Ordinance, shall be deemed to have been validly done or taken under the West Bengal Fiscal Responsibility and Budget Management Act, 2010 as amended by this Act. |
