THE KARNATAKA FISCAL RESPONSIBILITY (AMENDMENT) ACT, 2022
KARNATAKA ACT NO.17 OF 2022
(First Published in the Karnataka Gazette Extra-ordinary on the 31st day of March 2022)
(Received the assent of the Governor on the 31st day of March 2022) An Act further to amend the Karnataka Fiscal responsibility Act, 2002. Whereas it is expedient further to amend the Karnataka Fiscal Responsibility Act, 2002 (Karnataka Act 16 of 2002) for the purposes hereinafter appearing; Be it enacted by the Karnataka State Legislature in the seventy third year of the Republic of India as follows:-
1. Short title and commencement.- (1) This Act may be called the Karnataka Fiscal Responsibility ( Amendment) Act, 2022. (2) It shall come into force with effect from the 1st day of April, 2022.
2. Amendment of section 4.- In the Karnataka Fiscal Responsibility Act, 2002 (Karnataka Act 16 of 2002), in section 4, in sub-section (3), after the tenth proviso, the following shall be inserted, namely:- “Provided also that, the fiscal deficit during the financial year 2022-23 shall not exceed 3.5 percent of estimated Gross State Domestic Product: Provided also that, during the financial year 2022-23, the State revenue deficit would arise due to slow recovery of the economy from the Covid and Omicron impact. Provided also that, during the financial year 2022-23, the total liabilities would exceed twenty five percent of the estimated Gross Domestic Product.”
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