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THE JHARKHAND FISCAL RESPONSIBILITY AND BUDGET MANAGEMENT
(AMENDMENT) ACT, 2020
Jharkhand Act, 05, 2020)
AN ACT
To amend the Jharkhand Fiscal Responsibility and Budget Management Act, 2007 (Act 07,2007) in pursuance of the Government of India's policy on State's Fiscal Consolidation for the financial years of 2019-20 (post facto) and 2020-21 .
Be it enacted by the Legislature of the State of Jharkhand in the Seventy First year of the Republic of India as follows:-
1. Short title, extent and commencement :-
(1) This Act would be called the Jharkhand Fiscal Responsibility and Budget Management (Amendment) Act, 2020.
(2) It shall extend to the whole of the State of Jharkhand.
(3) It shall come into force from the date of the notification in official Gazette.
2. Amendment in Section 5(1)(b) of the Jharkhand Fiscal Responsibility and Budget Management Act, 2007.
(1) Section 5(1)(b) of the Jharkhand Fiscal Responsibility and Budget Management Act, 2007 shall be substituted as follows :-
4Reduce fiscal deficit to an additional 2 (Two) percent of the estimated Gross State Domestic Product under the following conditions in Financial Year 2020-21 :-
a. Implementation of One Nation One Ration Card System;
b. Ease of Doing Business reform;
c. Urban Local Body / Utility reforms, and
d. Power Sector reforms .
Weightage of eachreform is 0.25 percentof GSDP, totaling to 1 percent.
The remaining borrowing limit of 1 percentconsists of two equal tranches of 0.50 percent each. Firsttrancheof 0.50 percentcan be availed of untied. While second one can be availed based on the fulfillment of the reforms stipulated in at least three of the four sectors enumerated above.
(2) In Financial year 2019-20 additional OMB special drawal of Rs. 1848.00 crore was beyond the stipulated target for the financial year 2019-20.
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