Punjab nod for FRBM Act implementation

The Punjab Cabinet on Thursday gave its approval to rules for implementation of the Punjab Fiscal Responsibility and Budget Management (FRBM) Act, 2003.

“The move will help the State achieve specific fiscal targets within a stipulated time period to avail of the benefits of the Centre’s Debt Consolidation and Relief Facility for States,” said an official statement.

Model draft bill

The Act was framed by the Centre on the basis of the model draft bill circulated by the Reserve Bank of India, suitably amended from time to time. As per the recommendations of the 14th Finance Commission, each State is compulsorily required to enact a fiscal responsibility legislation to realise the desired targets.

The Cabinet also reviewed the arrangements and preparedness for the paddy procurement season beginning October 1. “Arrangements are being made to procure the expected 200 lakh metric tonnes of paddy,” said the statement.

It also gave its approval for setting up of a ropeway between Anandpur Sahib and Naina Devi in public-private-partnership mode to promote tourism in the State.

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