212. Amendment of section 7.
In section 7 of the principal Act,––
(a) in sub-section (1), for the words “every quarter”, the words “on half-yearly basis” shall be substituted;
(b) after sub-section (1), the following sub-section shall be inserted, namely:––
“(1A) The Central Government shall prepare a monthly statement of its accounts.”;
(c) in sub-section (2), for the words “pre-specified levels mentioned in the Fiscal Policy Strategy Statement and the rules made under this Act”, the words “prescribed levels” shall be substituted.
Notes on Clauses:
Clause 212 of the Bill seeks to amend the section 7 of the Act relating to measures to enforce compliance. It provides to amend sub-section (1) so as to enable the Minister in-charge of the Ministry of Finance to review the trends in receipts and expenditure in relation to the budget on half yearly basis in place of quarterly basis. It further provides that the Central Government shall prepare the monthly statement of its accounts. It also provides to amend sub-section (2) so as to substitute the words "prescribed levels" in place of "pre-specified levels mentioned in the Fiscal Policy Strategy Statement and the rules made under this Act" so as to enable the Government to take measures in the event of short fall in revenue or excess of expenditure over the prescribed levels.
