THE KARNATAKA FISCAL RESPONSIBILITY (AMENDMENT) ACT, 2020
KARNATAKA ACT NO.21 OF 2020
(First published in the Karnataka Gazette Extra-ordinary on the 15th day of October 2020)
(Received the assent of the Governor on the 14th day of October 2020)
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 first 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, 2020.
(2) It shall be deemed to have come into force with effect from the first day of April, 2020.
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 fourth proviso, the following shall be inserted, namely:-
“Provided also that, the fiscal deficit during the financial year 2020-21 shall not exceed five percent of estimated Gross State Domestic Product:
Provided also that, during the financial year 2020-21, the State revenue deficit may arise due to reduction of receipts, as a result of Covid Pandemic.”
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