Section 2 in The Bihar Fiscal Responsibility and Budget Management Act, 2006
2. Definitions.
- In this Act, unless the context otherwise requires-(a)"budget" means the annual financial statement laid before State Legislature under Article 202 of the Constitution;(b)"current year" means the financial year preceding the ensuing year;(c)"ensuing year" means the financial year for which the budget is being presented;(d)"financial year" means the year beginning on the 1st April and ending on 31st March next following;(e)"GSDP" means Gross State Domestic Product at current market prices;(f)"fiscal deficit" means the excess of total disbursements (net of debt repayments) from the Consolidated Fund of the State over total receipts into the Fund excluding the debt receipts during a financial year;(g)"fiscal indicators" means such indicators as may be prescribed for evaluation of the fiscal position of the State Government;(h)"fiscal targets" means the numerical ceilings and proportions to total revenue receipts (TRR) or GSDP for the fiscal indicators;(i)"prescribed" means prescribed by the Rules made under this Act;(j)"previous year" means the year preceding the current year;(k)"revenue deficit" means the difference between revenue expenditure and total revenue receipts (TRR).Explanation : Total Revenue Receipts' (TRR) includes State's own revenue receipts (both tax and non-tax) and current transfers from the Centre (comprising grants and State's share of Central taxes). Further for the purpose of this clause, interest payment by Government towards borrowings by Public Sector Undertakings and Special Purpose Vehicles and other equivalent instruments where liability for, repayment is on Government, shall be treated as revenue expenditure.(l)"total liabilities" means the liabilities under the Consolidated Fund of the State and the Public Account of the State and shall also include borrowings by the Public Sector Undertakings and the special purpose vehicles and other equivalent instruments including guarantees where the principal and or interest are to be serviced out of the State Budgets.(m)[ "Debt" means amount taken by the State Government on credit with interest.] [Added by Bihar Act 25, 2010.]
