Section 7 of FRBM Act : Section 7: Measures To Enforce Compliance

Explanation using Example

Imagine the government has budgeted for a certain level of tax revenue in a financial year, but halfway through the year, it becomes clear that tax receipts are going to fall short of projections. According to Section 7(1) of The Fiscal Responsibility and Budget Management Act, 2003, the Finance Minister must then review this situation and present the findings to both Houses of Parliament, explaining the shortfall and its implications.

In response to the revenue shortfall, under **Se...

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