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Compliance
Civil

Report No.20 of 2018 - Compliance of the Fiscal Responsibility and Budget Management Act, 2003, Department of Economic Affairs, Ministry of Finance

Date on which Report Tabled:
Tue 08 Jan, 2019
Date of sending the report to Government
Tue 31 Jul, 2018
Government Type
Union
Union Department
Civil
Sector Finance

Overview

The Fiscal Responsibility and Budget Management (FRBM) Act, 2003 was enacted by the Parliament in August 2003. The objective of introducing FRBM Act, 2003 was to institutionalize fiscal discipline, reduce fiscal deficit, improve macro-economic management and the overall management of the public funds by moving towards a balanced budget.

The Comptroller and Auditor General of India (CAG) was entrusted with the responsibility of periodically reviewing the compliance of the provisions of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 and present such reviews before both the Houses of Parliament under Section 7A of the Act.

The present report is the third report of the CAG on the compliance of the provisions of the Act and the Rules made there under by the Central Government for the year ended March 2017.

The report contains significant results arising from the review of compliance of the provisions of the Act. The instances mentioned in this report are those, which came to notice in the course of test audit for the period 2016-17. Matters, which have bearing on fiscal indicators pertaining to the period earlier than 2016-17, have also been included, wherever relevant.

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