The FRBM Act focuses on fiscal discipline through legislative targets and transparency rather than punitive measures for missing targets.
Fiscal Responsibility and Budget Management (FRBM) Act does not Prescribe limits for fiscal and revenue deficits Prescribe certain vision statements to be laid along with the budgets Provide for penal provisions if deficit targets are not met Apply both at Central and State level
Asked in APPSC Group II Prelims 2016 · Topic: Fiscal Policy & Revenue (Fiscal Responsibility and Budget Management (FRBM) Act)
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Answer: C. Provide for penal provisions if deficit targets are not met
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