Section 5 in The Sick Industrial Companies (Special Provisions) Repeal Act, 2003

Title: Saving

Description: (1) The repeal by this Act of the repealed enactment shall not— (a) affect any other enactment in which the repealed enactment has been applied, incorporated or referred to; (b) affect the previous operation of the repealed enactment or anything duly done or suffered thereunder; (c) affect any right, privilege, obligation or liability acquired, accrued, or incurred under the repealed enactment; (d) affect any order made by the Board for sanction of the schemes; (e) affect the validity, invalidity, effect or consequences of anything already done or suffered, or any right, title, obligation or liability already acquired, accrued or incurred or any remedy or proceeding in respect thereof or any release or discharge of or from any debt, penalty, obligation, liability, claim or demand, or any indemnity already granted, or the proof of any past act or thing; (f) affect any penalty, forfeiture or punishment incurred in respect of any offence committed against the repealed enactment, affect any investigation, legal proceedings or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid, and any such investigation, legal proceeding or remedy may be instituted, continued or enforced, and any such privilege, forfeiture or punishment may be imposed as if this Act had not been passed; (g) affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed or recognised or derived by, in, or from, the repealed enactment; (h) revive or restore any jurisdiction, office, custom, liability, right, title, privilege, restriction, exemption, usage, practice, procedure or other matter or thing not now existing or in force. (2) Save as otherwise provided in section 4 and in sub-section (1) of this section, the mention of particular matters in the said section and sub-section shall not be held to prejudice or affect the general application of section 6 of the General Clauses Act, 1897 (10 of 1897),with regard to the effect of repeal.

Title: Power to make rules

Description: (1) The Central Government may, by notification, make rules for carrying out the provisions of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:-- (a) the manner in which the monies standing to the credit of provident fund, superannuation, welfare or other fund of officers and employees on their transfer to the Central Government, shall be dealt with by that Government under the fourth proviso to clause (a) of section 4; (b) any other matter which is to be, or may be, prescribed, or in respect of which provision is to be made, by rules. (3) Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.

Title: Short title, extent and commencement

Description: (1) This Act may be called the Fiscal Responsibility and Budget Management Act, 2003. (2) It extends to the whole of India. (3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint in this behalf. 1. 5th July, 2004, vide notification No. G.S.R. 395(E), dated 2nd July, 2004, see Gazette of India, Extraordinary, Part II, sec. 3(i)

Title: Definitions

Description: In this Act, unless the context otherwise requires,-- (a) "fiscal deficit" means the excess of total disbursements, from the Consolidated Fund of India, excluding repayment of debt, over total receipts into the Fund (excluding the debt receipts), during a financial year; 1[2[(aa) "Central Government debt" at any date means— (i) the total outstanding liabilities of the Central Government on the security of the Consolidated Fund of India, including external debt valued at current exchange rates; (ii) the total outstanding liabilities in the public account of India; and (iii) such financial liabilities of any body corporate or other entity owned or controlled by the Central Government, which the Government is to repay or service from the annual financial statement, reduced by the cash balance available at the end of that date;] (b) "fiscal indicators" means the measures such as numerical ceilings and proportions to gross domestic product, as may be prescribed, for evaluation of the fiscal position of the Central Government; 1[3[(bb) "general Government debt" means the sum total of the debt of the Central Government and the State Governments, excluding inter-Governmental liabilities;] 4[(bc) "gross domestic product" means the sum of the gross value added by all resident production units plus that part of taxes, less subsidies, on products, which is not included in the valuation of output, during a financial year, reckoned at current market prices, as published by the Central Statistics Office from time to time;] (c) "prescribed" means prescribed by rules made under this Act; 4[(ca)"real gross domestic product" means gross domestic product, reckoned at constant prices, as published by the Central Statistics Office from time to time; (cb) "real output growth" means growth in real gross domestic product;] (d) "Reserve Bank" means the Reserve Bank of India constituted under sub-section (1) of section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); 5* * * * * 1. Ins. by Act 23 of 2012, s. 146 (w. e. f. 28-5-2012). 2. Subs. by Act 13 of 2018, s. 211, for clause (aa) (w.e.f 31-3-2018). 3. Subs. by s. 211, ibid., for clause (bb) (w.e.f 31-3-2018). 4. Ins. by s. 211, ibid. (w.e.f 31-3-2018). 5. Clauses (e) and (f) omitted by Act 13 of 2018, s. 211 (w.e.f. 31-3-2018)

Title: Fiscal policy statements to be laid before Parliament

Description: (1) The Central Government shall lay in each financial year before both Houses of Parliament the following statements of fiscal policy along with the annual financial statement and 1[demands for grants except the Medium-term Expenditure Framework Statement,] namely:-- (a) the Medium-term Fiscal Policy Statement; (b) the Fiscal Policy Strategy Statement; (c) the Macro-economic Framework Statement; 2[(d) the Medium-term Expenditure Framework Statement.] 2[(1A) The statements referred to in clauses (a) to (c) of sub-section (1) shall be followed up with the Medium-term Expenditure Framework Statement with detailed analysis of underlying assumptions. (1B) The Central Government shall lay the Medium-term Expenditure Framework Statement referred to in clause (d) of sub-section (1) before both Houses of Parliament, immediately, following the session of Parliament in which the policy statements referred to in clauses (a) to (c) were laid under sub-section (1).] (2) The Medium-term Fiscal Policy Statement shall set forth a three-year rolling target for prescribed fiscal indicators with specification of underlying assumptions. (3) In particular, and without prejudice to the provisions contained in sub-section (2), the Medium-term Fiscal Policy Statement shall include an assessment of sustainability relating to— 3* * * * * (ii) the use of capital receipts including market borrowings for generating productive assets. (4) The Fiscal Policy Strategy Statement shall, inter alia, contain— (a) the policies of the Central Government for the ensuing financial year relating to taxation, expenditure, market borrowings and other liabilities, lending and investments, pricing of administered goods and services, securities and description of other activities such as underwriting and guarantees which have potential budgetary implications; (b) the strategic priorities of the Central Government for the ensuing financial year in the fiscal area; (c) the key fiscal measures and rationale for any major deviation in fiscal measures pertaining to taxation, subsidy, expenditure, administered pricing and borrowings; (d) an evaluation as to how the current policies of the Central Government are in conformity with the fiscal management principles set out in section 4 and the objectives set out in the Medium-term Fiscal Policy Statement. (5) The Macro-economic Framework Statement shall contain an assessment of the growth prospects of the economy with specification of underlying assumptions. (6) In particular and without prejudice to the generality of the foregoing provisions the Macroeconomic Framework Statement shall contain an assessment relating to— (a) the growth in the gross domestic product; (b) the fiscal balance of the Union Government as reflected in the 4*** gross fiscal balance; (c) the external sector balance of the economy as reflected in the current account balance of the balance of payments. 5[(6A) (a) The Medium-term Expenditure Framework Statement shall set forth a three-year rolling target for prescribed expenditure indicators with specification of underlying assumptions and risk involved. (b) In particular and without prejudice to the provisions contained in clause (a), the Medium-term Expenditure Framework Statement shall, inter alia, contain— (i) the expenditure commitment of major policy changes involving new service, new instruments of service, new schemes and programmes; (ii) the explicit contingent liabilities, which are in the form of stipulated annuity payments over a multi-year time-frame; 6* * * * * (7) The Medium-term Fiscal Policy Statement, 7[the Fiscal Policy Strategy Statement, the Mediumterm Expenditure Framework Statement] and the Macro-economic Framework Statement referred to in sub-section (1) shall be in such form as may be prescribed. 1. Subs. by Act 23 of 2012, s. 147, for "demand for grants" (w. e. f. 28-5-2012). 2. Ins. by s. 147, ibid. (w. e. f. 28-5-2012). 3. Item (i) omitted by Act 13 of 2018, s. 212 (w.e.f. 31-3-2018). 4. The words "revenue balance and" omitted by s. 212, ibid. (w.e.f. 31-3-2018) 5. Ins. by Act 23 of 2012, s. 147 (w. e. f. 28-5-2012). 6. Item (iii) omitted by Act 13 of 2018, s. 212, (w.e.f. 31-3-2018). 7. Subs. by Act 23 of 2012, s. 147, for "the Fiscal Policy Strategy Statement" (w.e.f. 28-5-2012).