{"id":12166,"date":"2026-03-15T11:49:18","date_gmt":"2026-03-15T11:49:18","guid":{"rendered":"https:\/\/promotionexams.com\/?page_id=12166"},"modified":"2026-03-15T11:51:46","modified_gmt":"2026-03-15T11:51:46","slug":"frbm-notes","status":"publish","type":"page","link":"https:\/\/promotionexams.com\/?page_id=12166","title":{"rendered":"FRBM NOTES"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\n\n\n\n\nFRBM Act, 2003 & Rules, 2004 \u2014 Complete Study Notes<\/title>\n\n<style>\n *, *::before, *::after { box-sizing: border-box; margin: 0; padding: 0; }\n :root {\n --navy: #0a1520;\n --blue: #0d3d6b;\n --sky: #1a5a8a;\n --teal: #084d42;\n --amber: #7a4500;\n --red: #7a1a1a;\n --green: #0d4a25;\n --purple: #3a1f6e;\n --text: #0a0f18;\n --muted: #2a3540;\n --border: #c8d5e2;\n }\n html { scroll-behavior: smooth; }\n body { font-family: 'Bookman Old Style', 'Bookman', 'URW Bookman L', Georgia, serif; background: #fff; color: var(--text); font-size: 15px; line-height: 1.85; }\n a { text-decoration: none; color: inherit; }\n\n \/* \u2500\u2500 HERO \u2500\u2500 *\/\n .hero {\n width: 100%;\n background: linear-gradient(130deg, #b8860b 0%, #daa520 60%, #ffd700 100%);\n padding: 62px 48px 56px;\n color: #fff;\n position: relative;\n overflow: hidden;\n }\n .hero::before {\n content: '';\n position: absolute; inset: 0;\n background:\n radial-gradient(ellipse 600px 300px at 80% 50%, rgba(36,113,163,0.18) 0%, transparent 70%),\n repeating-linear-gradient(0deg, transparent, transparent 48px, rgba(255,255,255,0.02) 48px, rgba(255,255,255,0.02) 49px),\n repeating-linear-gradient(90deg, transparent, transparent 48px, rgba(255,255,255,0.02) 48px, rgba(255,255,255,0.02) 49px);\n pointer-events: none;\n }\n .hero-eyebrow {\n display: inline-flex; 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}\n\n \/* \u2500\u2500 BREADCRUMB \u2500\u2500 *\/\n .breadcrumb-bar { background: #fff; border-bottom: 1px solid var(--border); padding: 10px 48px; }\n .breadcrumb-inner { max-width: 1110px; margin: 0 auto; font-size: 12px; color: #555; display: flex; align-items: center; gap: 6px; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .breadcrumb-inner a { color: var(--blue); }\n .breadcrumb-inner .sep { color: #aaa; }\n\n \/* \u2500\u2500 LAYOUT \u2500\u2500 *\/\n .layout { max-width: 1110px; margin: 0 auto; padding: 44px 48px 88px; display: grid; grid-template-columns: 265px 1fr; gap: 56px; align-items: start; }\n\n \/* \u2500\u2500 SIDEBAR \u2500\u2500 *\/\n .sidebar { position: sticky; top: 24px; max-height: calc(100vh - 48px); }\n .toc-card { background: #fff; border: 1px solid var(--border); border-radius: 8px; padding: 18px 20px; max-height: calc(100vh - 48px); overflow-y: auto; }\n .toc-card-title { font-size: 10px; font-weight: 800; text-transform: uppercase; letter-spacing: 0.16em; 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}\n .toc-sub li a.active { background: #faf5e0; border-left-color: var(--amber); color: #4a2800; font-weight: 700; }\n\n \/* \u2500\u2500 CHAPTER HEADING \u2500\u2500 *\/\n .chapter-heading-block { display: flex; align-items: center; gap: 14px; margin: 52px 0 22px; padding-bottom: 14px; border-bottom: 2.5px solid var(--navy); }\n .chapter-badge { background: var(--navy); color: #fff; font-size: 9.5px; font-weight: 800; padding: 5px 16px; border-radius: 4px; letter-spacing: 0.1em; text-transform: uppercase; white-space: nowrap; flex-shrink: 0; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .chapter-heading-block h2 { font-family: 'Bookman Old Style', 'Bookman', 'URW Bookman L', Georgia, serif; font-size: 22px; font-weight: 700; color: var(--navy); margin: 0; }\n\n \/* \u2500\u2500 SECTION HEADING \u2500\u2500 *\/\n .section-heading-block { display: flex; align-items: center; gap: 12px; margin: 30px 0 14px; }\n .section-badge { background: var(--blue); color: #fff; font-size: 9px; 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background: #e8f6f2; }\n .callout.green { border-left-color: var(--green); background: #e8f5ee; }\n .callout.purple { border-left-color: var(--purple); background: #f0eafa; }\n .callout-label { font-size: 10px; font-weight: 800; text-transform: uppercase; letter-spacing: 0.12em; margin-bottom: 8px; color: var(--blue); font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .callout.amber .callout-label { color: var(--amber); }\n .callout.red .callout-label { color: var(--red); }\n .callout.teal .callout-label { color: var(--teal); }\n .callout.green .callout-label { color: var(--green); }\n .callout.purple .callout-label { color: var(--purple); }\n .callout p, .callout li { font-size: 14px; color: #0a0f18; line-height: 1.82; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .callout ul { list-style: none; display: flex; flex-direction: column; gap: 6px; }\n\n \/* \u2500\u2500 STAT CARDS \u2500\u2500 *\/\n .stat-grid { display: grid; grid-template-columns: repeat(4, 1fr); gap: 14px; margin: 20px 0 28px; }\n .stat-card { border: 1.5px solid var(--border); border-radius: 10px; padding: 20px 16px; text-align: center; background: #fff; }\n .stat-card.blue-hi { border-color: #7aaedc; background: #e5f0fa; }\n .stat-card.teal-hi { border-color: #5abaaa; background: #e2f5f0; }\n .stat-card.amber-hi { border-color: #c8a050; background: #f8f0d8; }\n .stat-card.red-hi { border-color: #d08080; background: #f8e8e8; }\n .stat-card.green-hi { border-color: #5ab880; background: #e2f5ea; }\n .stat-card.purple-hi { border-color: #9080c8; background: #ede8f8; }\n .stat-card .big-icon { font-size: 32px; margin-bottom: 10px; display: block; }\n .stat-card .stat-label { font-size: 10px; font-weight: 800; text-transform: uppercase; letter-spacing: 0.08em; color: var(--muted); margin-bottom: 6px; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .stat-card .stat-amount { font-family: 'JetBrains Mono', monospace; font-size: 21px; font-weight: 700; color: var(--navy); line-height: 1.1; margin-bottom: 5px; }\n .stat-card.teal-hi .stat-amount { color: var(--teal); }\n .stat-card.amber-hi .stat-amount { color: var(--amber); }\n .stat-card.red-hi .stat-amount { color: var(--red); }\n .stat-card.green-hi .stat-amount { color: var(--green); }\n .stat-card.purple-hi .stat-amount { color: var(--purple); }\n .stat-card .stat-sub { font-size: 12px; color: #1a2535; line-height: 1.55; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n\n \/* \u2500\u2500 TABLE \u2500\u2500 *\/\n .compare-table { width: 100%; border-collapse: collapse; margin: 16px 0 24px; border-radius: 8px; overflow: hidden; border: 1px solid var(--border); }\n .compare-table thead tr { background: var(--navy); color: #fff; }\n .compare-table th { padding: 12px 16px; text-align: left; font-size: 12.5px; font-weight: 700; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .compare-table td { padding: 11px 16px; font-size: 14px; border-bottom: 1px solid var(--border); 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}\n .stmt-card .s-label { font-size: 9.5px; font-weight: 800; text-transform: uppercase; letter-spacing: 0.1em; color: var(--muted); margin-bottom: 5px; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .stmt-card .s-title { font-size: 14px; font-weight: 700; color: var(--navy); margin-bottom: 8px; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .stmt-card.s1 .s-title { color: var(--blue); }\n .stmt-card.s2 .s-title { color: var(--teal); }\n .stmt-card.s3 .s-title { color: var(--amber); }\n .stmt-card.s4 .s-title { color: var(--green); }\n .stmt-card p { font-size: 12.5px; color: #1a2535; line-height: 1.75; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .stmt-card ul { font-size: 12.5px; color: #0a0f18; padding-left: 14px; line-height: 1.8; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n\n \/* \u2500\u2500 HIGHLIGHT BANNER \u2500\u2500 *\/\n .highlight-banner { background: linear-gradient(130deg, #b8860b 0%, #daa520 60%, #ffd700 100%); 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}\n .form-card ul { font-size: 12.5px; color: #0a0f18; padding-left: 14px; line-height: 1.8; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n\n \/* \u2500\u2500 INDICATOR BADGES \u2500\u2500 *\/\n .indicator-list { display: flex; flex-wrap: wrap; gap: 8px; margin: 14px 0 20px; }\n .ind-badge { background: #e0eaf5; border: 1.5px solid #7aaedc; border-radius: 6px; padding: 6px 14px; font-size: 13px; font-weight: 700; color: var(--blue); font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n .ind-badge.teal { background: #e0f0ec; border-color: #5abaaa; color: var(--teal); }\n .ind-badge.amber { background: #f5ead5; border-color: #c8a050; color: var(--amber); }\n\n \/* \u2500\u2500 DIVIDER \u2500\u2500 *\/\n .section-divider { border: none; border-top: 1.5px dashed #b0c0d0; margin: 44px 0; }\n\n \/* \u2500\u2500 AMEND TIMELINE \u2500\u2500 *\/\n .amend-list { display: flex; flex-direction: column; gap: 0; margin: 16px 0 24px; }\n .amend-row { display: flex; align-items: flex-start; gap: 16px; padding: 12px 0; border-bottom: 1px solid var(--border); }\n .amend-row:last-child { border-bottom: none; }\n .amend-year { font-family: 'JetBrains Mono', monospace; font-size: 13px; font-weight: 700; color: var(--blue); flex-shrink: 0; width: 60px; padding-top: 2px; }\n .amend-text { font-size: 13.5px; color: #0a0f18; line-height: 1.75; font-family: 'Bookman Old Style', 'Bookman', Georgia, serif; }\n\n \/* \u2500\u2500 RESPONSIVE \u2500\u2500 *\/\n @media (max-width: 860px) {\n .layout { grid-template-columns: 1fr; gap: 32px; padding: 28px 24px 64px; }\n .sidebar { position: static; }\n .stat-grid { grid-template-columns: 1fr 1fr; }\n .stmt-grid, .form-grid { grid-template-columns: 1fr; }\n .hero { padding: 48px 24px 44px; }\n .breadcrumb-bar { padding: 10px 24px; }\n }\n @media (max-width: 520px) {\n .hero h1 { font-size: 24px; }\n .stat-grid { grid-template-columns: 1fr 1fr; }\n }\n<\/style>\n<\/head>\n<body>\n\n<!-- HERO -->\n<div class=\"hero\">\n <div class=\"hero-eyebrow\">\u2696\ufe0f Fiscal Law \u2014 Study Notes<\/div>\n <h1>Fiscal Responsibility & Budget<br>Management Act, 2003 & Rules, 2004<\/h1>\n <p class=\"hero-sub\">Act No. 39 of 2003 (26th August, 2003) & GSR 395(E) (2nd July, 2004)  |  Ministry of Finance, Department of Economic Affairs, Government of India  |  Last significantly amended by Finance Act, 2018<\/p>\n <div class=\"hero-pills\">\n <div class=\"pill\"><strong>Act in Force:<\/strong> 5th July 2004<\/div>\n <div class=\"pill\"><strong>Rules in Force:<\/strong> 5th July 2004<\/div>\n <div class=\"pill\"><strong>Fiscal Deficit Target:<\/strong> \u2264 3% of GDP by 31 Mar 2021<\/div>\n <div class=\"pill\"><strong>Central Govt. Debt Target:<\/strong> \u2264 40% GDP by FY 2024-25<\/div>\n <div class=\"pill\"><strong>General Govt. Debt Target:<\/strong> \u2264 60% GDP by FY 2024-25<\/div>\n <\/div>\n<\/div>\n\n<!-- BREADCRUMB -->\n<div class=\"breadcrumb-bar\">\n <div class=\"breadcrumb-inner\">\n <a href=\"#\">Home<\/a><span class=\"sep\">\u203a<\/span>\n <a href=\"#\">Fiscal Laws<\/a><span class=\"sep\">\u203a<\/span>\n FRBM Act, 2003 & Rules, 2004 \u2014 Study Notes\n <\/div>\n<\/div>\n\n<div class=\"layout\">\n\n <!-- SIDEBAR -->\n <aside class=\"sidebar\">\n <div class=\"toc-card\">\n <div class=\"toc-card-title\">Table of Contents<\/div>\n <ul class=\"toc-list\">\n <li>\n <a href=\"#ch1\">Part I \u2014 FRBM Act, 2003<\/a>\n <ul class=\"toc-sub\">\n <li><a href=\"#sec1\">Sec. 1 \u2014 Short Title & Commencement<\/a><\/li>\n <li><a href=\"#sec2\">Sec. 2 \u2014 Definitions<\/a><\/li>\n <li><a href=\"#sec3\">Sec. 3 \u2014 Fiscal Policy Statements<\/a><\/li>\n <li><a href=\"#sec4\">Sec. 4 \u2014 Fiscal Management Principles<\/a><\/li>\n <li><a href=\"#sec5\">Sec. 5 \u2014 Borrowing from RBI<\/a><\/li>\n <li><a href=\"#sec6\">Sec. 6 \u2014 Fiscal Transparency<\/a><\/li>\n <li><a href=\"#sec7\">Sec. 7 \u2014 Enforcement & Compliance<\/a><\/li>\n <li><a href=\"#sec7a\">Sec. 7A \u2014 CAG Review<\/a><\/li>\n <li><a href=\"#sec8\">Sec. 8 \u2014 Power to Make Rules<\/a><\/li>\n <li><a href=\"#sec9\">Sec. 9 \u2014 Rules Before Parliament<\/a><\/li>\n <li><a href=\"#sec10-13\">Sec. 10\u201313 \u2014 Misc. Provisions<\/a><\/li>\n <\/ul>\n <\/li>\n <li>\n <a href=\"#ch2\">Part II \u2014 FRBM Rules, 2004<\/a>\n <ul class=\"toc-sub\">\n <li><a href=\"#r1\">Rule 1 \u2014 Short Title & Commencement<\/a><\/li>\n <li><a href=\"#r2\">Rule 2 \u2014 Definitions<\/a><\/li>\n <li><a href=\"#r3\">Rule 3 \u2014 Annual Targets<\/a><\/li>\n <li><a href=\"#r4\">Rule 4 \u2014 Statements to Parliament<\/a><\/li>\n <li><a href=\"#r5\">Rule 5 \u2014 Fiscal Indicators<\/a><\/li>\n <li><a href=\"#r6\">Rule 6 \u2014 Disclosures<\/a><\/li>\n <li><a href=\"#r7\">Rule 7 \u2014 Compliance Measures<\/a><\/li>\n <li><a href=\"#r8\">Rule 8 \u2014 CAG Review<\/a><\/li>\n <\/ul>\n <\/li>\n <li>\n <a href=\"#ch3\">Part III \u2014 Prescribed Forms<\/a>\n <ul class=\"toc-sub\">\n <li><a href=\"#formF1\">Form F-1 \u2014 MTFP cum FPSS<\/a><\/li>\n <li><a href=\"#formF2\">Form F-2 \u2014 Macro-economic Statement<\/a><\/li>\n <li><a href=\"#formF3\">Form F-3 \u2014 MTEF<\/a><\/li>\n <li><a href=\"#formD1\">Form D-1 \u2014 Tax Revenues Not Realised<\/a><\/li>\n <li><a href=\"#formD2\">Form D-2 \u2014 Non-Tax Revenue Arrears<\/a><\/li>\n <li><a href=\"#formD3\">Form D-3 \u2014 Guarantees Given<\/a><\/li>\n <li><a href=\"#formD4\">Form D-4 \u2014 Asset Register<\/a><\/li>\n <li><a href=\"#formD5\">Form D-5 \u2014 Annuity Liabilities<\/a><\/li>\n <\/ul>\n <\/li>\n <li>\n <a href=\"#ch4\">Part IV \u2014 Key Amendments<\/a>\n <ul class=\"toc-sub\">\n <li><a href=\"#amend-timeline\">Amendment Timeline<\/a><\/li>\n <\/ul>\n <\/li>\n <\/ul>\n <\/div>\n <\/aside>\n\n <main class=\"article\">\n\n <!-- \u2550\u2550\u2550 PART I \u2014 ACT \u2550\u2550\u2550 -->\n <div class=\"chapter-heading-block\" id=\"ch1\">\n <span class=\"chapter-badge\">PART I<\/span>\n <h2>FRBM Act, 2003 \u2014 Section by Section<\/h2>\n <\/div>\n\n <p>The FRBM Act was enacted to provide for the responsibility of the Central Government to ensure <strong>intergenerational equity in fiscal management<\/strong> and <strong>long-term macro-economic stability<\/strong> by removing fiscal impediments in the effective conduct of monetary policy and prudential debt management consistent with fiscal sustainability.<\/p>\n\n <div class=\"stat-grid\">\n <div class=\"stat-card blue-hi\">\n <span class=\"big-icon\">\ud83d\udcc9<\/span>\n <div class=\"stat-label\">Fiscal Deficit Target<\/div>\n <div class=\"stat-amount\">\u2264 3%<\/div>\n <div class=\"stat-sub\">of GDP by 31st March 2021<\/div>\n <\/div>\n <div class=\"stat-card teal-hi\">\n <span class=\"big-icon\">\ud83c\udfdb\ufe0f<\/span>\n <div class=\"stat-label\">Central Govt. Debt Target<\/div>\n <div class=\"stat-amount\">\u2264 40%<\/div>\n <div class=\"stat-sub\">of GDP by end of FY 2024-25<\/div>\n <\/div>\n <div class=\"stat-card amber-hi\">\n <span class=\"big-icon\">\ud83c\udf10<\/span>\n <div class=\"stat-label\">General Govt. Debt Target<\/div>\n <div class=\"stat-amount\">\u2264 60%<\/div>\n <div class=\"stat-sub\">of GDP by end of FY 2024-25<\/div>\n <\/div>\n <div class=\"stat-card red-hi\">\n <span class=\"big-icon\">\ud83d\udd12<\/span>\n <div class=\"stat-label\">Guarantee Ceiling<\/div>\n <div class=\"stat-amount\">0.5%<\/div>\n <div class=\"stat-sub\">of GDP per financial year (additional guarantees cap)<\/div>\n <\/div>\n <\/div>\n\n <!-- Section 1 -->\n <div class=\"section-heading-block\" id=\"sec1\">\n <span class=\"section-badge\">SECTION 1<\/span>\n <h3>Short Title, Extent & Commencement<\/h3>\n <\/div>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udccc<\/span><span><strong>Short Title:<\/strong> The Fiscal Responsibility and Budget Management Act, 2003.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\uddfa\ufe0f<\/span><span><strong>Extent:<\/strong> Extends to the whole of India.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcc5<\/span><span><strong>Commencement:<\/strong> Came into force on <strong>5th July 2004<\/strong> vide Notification No. G.S.R. 395(E) dated 2nd July 2004.<\/span><\/li>\n <\/ul>\n\n <!-- Section 2 -->\n <div class=\"section-heading-block\" id=\"sec2\">\n <span class=\"section-badge\">SECTION 2<\/span>\n <h3>Definitions<\/h3>\n <\/div>\n <table class=\"compare-table\">\n <thead><tr><th>Term<\/th><th>Definition<\/th><\/tr><\/thead>\n <tbody>\n <tr>\n <td><strong>Fiscal Deficit<\/strong><\/td>\n <td>Excess of total disbursements from the Consolidated Fund of India (excluding repayment of debt) over total receipts into the Fund (excluding debt receipts) during a financial year.<\/td>\n <\/tr>\n <tr>\n <td><strong>Central Government Debt<\/strong><\/td>\n <td>(i) Total outstanding liabilities on the security of the Consolidated Fund of India, including external debt at current exchange rates; (ii) Total outstanding liabilities in the public account of India; (iii) Such financial liabilities of any body corporate\/entity owned or controlled by Central Govt. which Govt. is to repay\/service from the annual financial statement \u2014 <strong>reduced by the cash balance<\/strong> available at the end of that date. [Substituted by Finance Act 2018]<\/td>\n <\/tr>\n <tr>\n <td><strong>Fiscal Indicators<\/strong><\/td>\n <td>Measures such as numerical ceilings and proportions to GDP, as may be prescribed, for evaluation of the fiscal position of the Central Government.<\/td>\n <\/tr>\n <tr>\n <td><strong>General Government Debt<\/strong><\/td>\n <td>Sum total of the debt of the Central Government and the State Governments, <strong>excluding inter-Governmental liabilities<\/strong>. [Inserted by Finance Act 2018]<\/td>\n <\/tr>\n <tr>\n <td><strong>Gross Domestic Product<\/strong><\/td>\n <td>Sum of gross value added by all resident production units plus taxes less subsidies on products not included in valuation of output, during a financial year, reckoned at <strong>current market prices<\/strong>, as published by the <strong>Central Statistics Office<\/strong> from time to time. [Inserted by Finance Act 2018]<\/td>\n <\/tr>\n <tr>\n <td><strong>Real GDP<\/strong><\/td>\n <td>GDP reckoned at <strong>constant prices<\/strong>, as published by the Central Statistics Office. [Inserted by Finance Act 2018]<\/td>\n <\/tr>\n <tr>\n <td><strong>Real Output Growth<\/strong><\/td>\n <td>Growth in real gross domestic product. [Inserted by Finance Act 2018]<\/td>\n <\/tr>\n <tr>\n <td><strong>Reserve Bank<\/strong><\/td>\n <td>Reserve Bank of India constituted under sub-section (1) of section 3 of the RBI Act, 1934.<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n\n <!-- Section 3 -->\n <div class=\"section-heading-block\" id=\"sec3\">\n <span class=\"section-badge\">SECTION 3<\/span>\n <h3>Fiscal Policy Statements to be Laid Before Parliament<\/h3>\n <\/div>\n\n <p>The Central Government shall lay before <strong>both Houses of Parliament<\/strong> the following fiscal policy statements \u2014 along with the annual financial statement and demands for grants (except MTEF Statement):<\/p>\n\n <div class=\"stmt-grid\">\n <div class=\"stmt-card s1\">\n <span class=\"s-icon\">\ud83d\udcca<\/span>\n <div class=\"s-label\">Statement (a) \u2014 Section 3(2)<\/div>\n <div class=\"s-title\">Medium-term Fiscal Policy Statement (MTFP)<\/div>\n <ul>\n <li>Sets forth a <strong>three-year rolling target<\/strong> for prescribed fiscal indicators with underlying assumptions<\/li>\n <li>Includes assessment of sustainability of: (i) use of capital receipts including market borrowings for generating productive assets [note: revenue balance item omitted by Finance Act 2018]<\/li>\n <\/ul>\n <\/div>\n <div class=\"stmt-card s2\">\n <span class=\"s-icon\">\ud83c\udfaf<\/span>\n <div class=\"s-label\">Statement (b) \u2014 Section 3(4)<\/div>\n <div class=\"s-title\">Fiscal Policy Strategy Statement (FPSS)<\/div>\n <ul>\n <li>Policies for ensuing year: taxation, expenditure, market borrowings, lending, investments, pricing of administered goods, guarantees<\/li>\n <li>Strategic fiscal priorities for ensuing year<\/li>\n <li>Key fiscal measures and rationale for major deviations<\/li>\n <li>Evaluation of conformity with fiscal management principles (Sec. 4) and MTFP objectives<\/li>\n <\/ul>\n <\/div>\n <div class=\"stmt-card s3\">\n <span class=\"s-icon\">\ud83d\udcc8<\/span>\n <div class=\"s-label\">Statement (c) \u2014 Section 3(5) & (6)<\/div>\n <div class=\"s-title\">Macro-economic Framework Statement<\/div>\n <ul>\n <li>Assessment of growth prospects with underlying assumptions<\/li>\n <li>Assessment of: (a) GDP growth; (b) gross fiscal balance of Union Govt.; (c) external sector balance (current account balance)<\/li>\n <li>[Note: \"revenue balance\" reference omitted by Finance Act 2018]<\/li>\n <\/ul>\n <\/div>\n <div class=\"stmt-card s4\">\n <span class=\"s-icon\">\ud83d\udcbc<\/span>\n <div class=\"s-label\">Statement (d) \u2014 Section 3(6A) [Ins. 2012]<\/div>\n <div class=\"s-title\">Medium-term Expenditure Framework Statement (MTEF)<\/div>\n <ul>\n <li>Three-year rolling target for expenditure indicators with assumptions and risk<\/li>\n <li>Expenditure commitment for new services, new instruments, new schemes\/programmes<\/li>\n <li>Explicit contingent liabilities in form of stipulated annuity payments<\/li>\n <li>Laid in the <strong>session immediately following<\/strong> the session in which (a)\u2013(c) were laid<\/li>\n <\/ul>\n <\/div>\n <\/div>\n\n <div class=\"callout\">\n <div class=\"callout-label\">\ud83d\udccb Sequencing of Statements \u2014 Sec. 3(1A) & 3(1B)<\/div>\n <p>Statements (a) to (c) are laid <strong>along with<\/strong> the annual financial statement and demands for grants. These are then <strong>followed up<\/strong> with detailed analysis of underlying assumptions, and the MTEF Statement (d) is laid in the <strong>immediately following session<\/strong> of Parliament.<\/p>\n <\/div>\n\n <!-- Section 4 -->\n <div class=\"section-heading-block\" id=\"sec4\">\n <span class=\"section-badge\">SECTION 4<\/span>\n <h3>Fiscal Management Principles [Substituted by Finance Act 2018]<\/h3>\n <\/div>\n\n <div class=\"fp-card\">\n <div class=\"fp-stamp\">\ud83d\udcd0 Sec. 4(1) \u2014 Fiscal Targets<\/div>\n <h4>Core Fiscal Obligations on the Central Government<\/h4>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udcc9<\/span><span><strong>(a) Fiscal Deficit:<\/strong> Take appropriate measures to limit fiscal deficit up to <strong>3% of GDP by 31st March 2021<\/strong>.<\/span><\/li>\n <li><span class=\"ico\">\ud83c\udfdb\ufe0f<\/span><span><strong>(b)(i) General Government Debt:<\/strong> Endeavour to ensure it does not exceed <strong>60% of GDP<\/strong> by end of FY 2024-25.<\/span><\/li>\n <li><span class=\"ico\">\ud83c\udfdb\ufe0f<\/span><span><strong>(b)(ii) Central Government Debt:<\/strong> Endeavour to ensure it does not exceed <strong>40% of GDP<\/strong> by end of FY 2024-25.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udd12<\/span><span><strong>(c) Guarantees:<\/strong> Not give additional guarantees on security of Consolidated Fund of India in excess of <strong>0.5% of GDP<\/strong> in any financial year.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udccc<\/span><span><strong>(d) Endeavour:<\/strong> Ensure fiscal targets in (a) and (b) are not exceeded after stipulated target dates.<\/span><\/li>\n <\/ul>\n <\/div>\n\n <p><strong>Annual Targets and Reduction Path (Sec. 4(2)):<\/strong><\/p>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udcc5<\/span><span>Central Govt. shall prescribe annual targets for reduction of fiscal deficit for the period from commencement of Part XV of Chapter VIII of Finance Act, 2018 to <strong>31st March 2021<\/strong>.<\/span><\/li>\n <\/ul>\n\n <div class=\"exc-card\">\n <div class=\"exc-stamp\">\u26a0\ufe0f Sec. 4(2) Proviso \u2014 Permitted Deviations (Escape Clauses)<\/div>\n <h4>Exceeding annual fiscal deficit target is permitted on grounds of:<\/h4>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udee1\ufe0f<\/span><span><strong>National security or act of war<\/strong><\/span><\/li>\n <li><span class=\"ico\">\ud83c\udf2a\ufe0f<\/span><span><strong>National calamity<\/strong><\/span><\/li>\n <li><span class=\"ico\">\ud83c\udf3e<\/span><span><strong>Collapse of agriculture<\/strong> severely affecting farm output and incomes<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udd27<\/span><span><strong>Structural reforms in the economy<\/strong> with unanticipated fiscal implications<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcca<\/span><span><strong>Decline in real output growth<\/strong> of a quarter by at least <strong>3 percentage points below<\/strong> its average of the previous four quarters<\/span><\/li>\n <\/ul>\n <\/div>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udcd0<\/span><span><strong>Sec. 4(3) \u2014 Deviation Cap:<\/strong> Any deviation from fiscal deficit target shall <strong>NOT exceed 0.5% of GDP<\/strong> in a year.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcc8<\/span><span><strong>Sec. 4(4) \u2014 Upside Rule:<\/strong> Where real output growth of a quarter rises by at least <strong>3 percentage points above<\/strong> its average of the previous four quarters \u2192 Central Govt. shall <strong>reduce fiscal deficit by at least 0.25% of GDP<\/strong> in that year.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udce2<\/span><span><strong>Sec. 4(5) \u2014 Statement to Parliament:<\/strong> Where fiscal deficit varies from target (under Sec. 4(2) proviso) or deviation is initiated under Sec. 4(4), a statement explaining reasons and the <strong>path of return to annual prescribed targets<\/strong> shall be laid before both Houses of Parliament as soon as may be.<\/span><\/li>\n <\/ul>\n\n <!-- Section 5 -->\n <div class=\"section-heading-block\" id=\"sec5\">\n <span class=\"section-badge\">SECTION 5<\/span>\n <h3>Borrowing from Reserve Bank<\/h3>\n <\/div>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udeab<\/span><span><strong>Sec. 5(1) \u2014 General Bar:<\/strong> The Central Government shall <strong>NOT borrow from the Reserve Bank<\/strong>.<\/span><\/li>\n <li><span class=\"ico\">\u2705<\/span><span><strong>Sec. 5(2) \u2014 Exception: Ways & Means Advances:<\/strong> Central Govt. <em>may<\/em> borrow from RBI by way of <strong>advances to meet temporary excess of cash disbursements over cash receipts<\/strong> during any financial year, as per agreements with RBI. Such advances shall be repayable as per Sec. 17(5) of RBI Act, 1934.<\/span><\/li>\n <li><span class=\"ico\">\u2705<\/span><span><strong>Sec. 5(3) \u2014 Exception: Primary Subscription [Finance Act 2018]:<\/strong> RBI <em>may<\/em> subscribe to <strong>primary issues of Central Government Securities<\/strong> \u2014 but only on grounds specified in the proviso to Sec. 4(2) (i.e., the escape clause grounds).<\/span><\/li>\n <li><span class=\"ico\">\u2705<\/span><span><strong>Sec. 5(4) \u2014 Secondary Market:<\/strong> RBI may <strong>buy and sell Central Government Securities in the secondary market<\/strong>, or convert Central Govt. Securities held by it with other securities as mutually agreed between RBI and Central Govt. [conversion provision added by Finance Act 2018].<\/span><\/li>\n <\/ul>\n\n <!-- Section 6 -->\n <div class=\"section-heading-block\" id=\"sec6\">\n <span class=\"section-badge\">SECTION 6<\/span>\n <h3>Measures for Fiscal Transparency<\/h3>\n <\/div>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udd0d<\/span><span><strong>Sec. 6(1):<\/strong> Central Govt. shall take suitable measures to ensure <strong>greater transparency in fiscal operations<\/strong> in public interest and <strong>minimise secrecy<\/strong> in preparation of annual financial statement and demands for grants.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udccb<\/span><span><strong>Sec. 6(2):<\/strong> At the time of presentation of annual financial statement and demands for grants, Central Govt. shall make <strong>prescribed disclosures in prescribed form<\/strong> (see Rule 6 of FRBM Rules for specifics).<\/span><\/li>\n <\/ul>\n\n <!-- Section 7 -->\n <div class=\"section-heading-block\" id=\"sec7\">\n <span class=\"section-badge\">SECTION 7<\/span>\n <h3>Measures to Enforce Compliance<\/h3>\n <\/div>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udcca<\/span><span><strong>Sec. 7(1) \u2014 Half-yearly Review:<\/strong> The <strong>Finance Minister<\/strong> shall review trends in receipts and expenditure in relation to the budget on a <strong>half-yearly basis<\/strong> [earlier \"quarterly\" \u2014 amended by Finance Act 2018] and <strong>place the outcome before both Houses of Parliament<\/strong>.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcc5<\/span><span><strong>Sec. 7(1A) \u2014 Monthly Accounts [Finance Act 2018]:<\/strong> Central Govt. shall prepare a <strong>monthly statement of its accounts<\/strong>.<\/span><\/li>\n <li><span class=\"ico\">\u26a0\ufe0f<\/span><span><strong>Sec. 7(2) \u2014 Corrective Action:<\/strong> Whenever there is a <strong>shortfall in revenue or excess of expenditure<\/strong> over prescribed levels in any period of a financial year \u2192 Central Govt. shall take appropriate measures for increasing revenue or reducing expenditure (including curtailing authorised sums from the Consolidated Fund of India under any Act).<\/span><\/li>\n <\/ul>\n\n <div class=\"callout amber\">\n <div class=\"callout-label\">\u26a0\ufe0f Proviso to Sec. 7(2) \u2014 Expenditure Not Subject to Curtailment<\/div>\n <p>The corrective action requirement does NOT apply to:<\/p>\n <ul>\n <li>Expenditure <strong>charged on the Consolidated Fund of India<\/strong> under Article 112(3) of the Constitution<\/li>\n <li>Any other expenditure required to be incurred under any <strong>agreement or contract<\/strong><\/li>\n <li>Such other expenditure which <strong>cannot be postponed or curtailed<\/strong><\/li>\n <\/ul>\n <\/div>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83c\udfdb\ufe0f<\/span><span><strong>Sec. 7(3)(a):<\/strong> Except as provided under this Act, <strong>no deviation in meeting obligations under this Act shall be permissible without approval of Parliament<\/strong>.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udce2<\/span><span><strong>Sec. 7(3)(b) \u2014 Statement on Deviation:<\/strong> Where unforeseen deviation is made, Finance Minister shall make a statement in both Houses explaining: (i) the nature of deviation; (ii) whether it is substantial and relates to actual or potential budgetary outcomes; (iii) the remedial measures the Govt. proposes to take.<\/span><\/li>\n <\/ul>\n\n <!-- Section 7A -->\n <div class=\"section-heading-block\" id=\"sec7a\">\n <span class=\"section-badge teal\">SECTION 7A<\/span>\n <h3>Laying of Review Reports [Inserted by Act 23 of 2012]<\/h3>\n <\/div>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udd0d<\/span><span>Central Govt. <em>may<\/em> entrust the <strong>Comptroller and Auditor-General (CAG) of India<\/strong> to <strong>periodically review<\/strong> the compliance of the provisions of this Act.<\/span><\/li>\n <li><span class=\"ico\">\ud83c\udfdb\ufe0f<\/span><span>Such reviews shall be <strong>laid on the table of both Houses of Parliament<\/strong>.<\/span><\/li>\n <\/ul>\n\n <!-- Section 8 -->\n <div class=\"section-heading-block\" id=\"sec8\">\n <span class=\"section-badge\">SECTION 8<\/span>\n <h3>Power to Make Rules<\/h3>\n <\/div>\n\n <p>Central Govt. may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act. Rules may provide for:<\/p>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span><strong>Sec. 8(2)(a):<\/strong> Annual targets to be specified under Sec. 4(2)<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span><strong>Sec. 8(2)(b):<\/strong> Fiscal indicators to be prescribed for Sec. 3(2)<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span><strong>Sec. 8(2)(ba) [Ins. 2012]:<\/strong> Expenditure indicators with underlying assumptions and risk under Sec. 3(6A)(a)<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span><strong>Sec. 8(2)(c):<\/strong> Forms of MTFP cum FPSS, MTEF and Macro-economic Framework Statement under Sec. 3(7)<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span><strong>Sec. 8(2)(d):<\/strong> Disclosures and their forms under Sec. 6(2)<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span><strong>Sec. 8(2)(da) [Ins. 2018]:<\/strong> Level of shortfall in revenue or excess of expenditure under Sec. 7(2)<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span><strong>Sec. 8(2)(e):<\/strong> Any other matter which is required to be or may be prescribed<\/span><\/li>\n <\/ul>\n\n <!-- Section 9 -->\n <div class=\"section-heading-block\" id=\"sec9\">\n <span class=\"section-badge\">SECTION 9<\/span>\n <h3>Rules to be Laid Before Parliament<\/h3>\n <\/div>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83c\udfdb\ufe0f<\/span><span>Every rule made under this Act shall be laid before <strong>each House of Parliament<\/strong> as soon as may be after it is made, for a total period of <strong>30 days<\/strong> (may be in one or more successive sessions).<\/span><\/li>\n <li><span class=\"ico\">\u270f\ufe0f<\/span><span>If before expiry of the session immediately following, <strong>both Houses agree to modify or annul<\/strong> any rule \u2192 the rule shall have effect only in such modified form or be of no effect.<\/span><\/li>\n <li><span class=\"ico\">\u2705<\/span><span>Any such modification or annulment shall be <strong>without prejudice to the validity of anything previously done<\/strong> under that rule.<\/span><\/li>\n <\/ul>\n\n <!-- Sections 10-13 -->\n <div class=\"section-heading-block\" id=\"sec10-13\">\n <span class=\"section-badge\">SECTIONS 10\u201313<\/span>\n <h3>Miscellaneous Provisions<\/h3>\n <\/div>\n\n <table class=\"compare-table\">\n <thead><tr><th>Section<\/th><th>Subject<\/th><th>Key Provision<\/th><\/tr><\/thead>\n <tbody>\n <tr>\n <td><strong>Sec. 10<\/strong><\/td>\n <td>Protection of Good Faith Actions<\/td>\n <td>No suit, prosecution or other legal proceedings shall lie against Central Govt. or any officer for anything done or intended to be done <strong>in good faith<\/strong> under this Act or rules.<\/td>\n <\/tr>\n <tr>\n <td><strong>Sec. 11<\/strong><\/td>\n <td>Bar on Civil Court Jurisdiction<\/td>\n <td><strong>No civil court shall have jurisdiction<\/strong> to question the legality of any action taken by, or any decision of, the Central Government under this Act.<\/td>\n <\/tr>\n <tr>\n <td><strong>Sec. 12<\/strong><\/td>\n <td>Application of Other Laws Not Barred<\/td>\n <td>Provisions of this Act are <strong>in addition to, and not in derogation of<\/strong>, the provisions of any other law for the time being in force.<\/td>\n <\/tr>\n <tr>\n <td><strong>Sec. 13<\/strong><\/td>\n <td>Power to Remove Difficulties<\/td>\n <td>Central Govt. may by order in Official Gazette make provisions not inconsistent with this Act to remove difficulties. <strong>Proviso:<\/strong> No order shall be made after expiry of <strong>2 years from commencement<\/strong>. Every such order shall be laid before each House of Parliament.<\/td>\n <\/tr>\n <\/tbody>\n <\/table>\n\n <hr class=\"section-divider\">\n\n <!-- \u2550\u2550\u2550 PART II \u2014 RULES \u2550\u2550\u2550 -->\n <div class=\"chapter-heading-block\" id=\"ch2\">\n <span class=\"chapter-badge\">PART II<\/span>\n <h2>FRBM Rules, 2004 \u2014 Rule by Rule<\/h2>\n <\/div>\n\n <!-- Rule 1 -->\n <div class=\"section-heading-block\" id=\"r1\">\n <span class=\"section-badge\">RULE 1<\/span>\n <h3>Short Title & Commencement<\/h3>\n <\/div>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udccc<\/span><span><strong>Short Title:<\/strong> Fiscal Responsibility and Budget Management Rules, 2004.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcc5<\/span><span><strong>Commencement:<\/strong> <strong>5th July 2004<\/strong> (Notification No. G.S.R. 395(E) dated 2nd July 2004).<\/span><\/li>\n <\/ul>\n\n <!-- Rule 2 -->\n <div class=\"section-heading-block\" id=\"r2\">\n <span class=\"section-badge\">RULE 2<\/span>\n <h3>Definitions<\/h3>\n <\/div>\n <table class=\"compare-table\">\n <thead><tr><th>Term<\/th><th>Definition<\/th><\/tr><\/thead>\n <tbody>\n <tr><td><strong>Act<\/strong><\/td><td>The Fiscal Responsibility and Budget Management Act, 2003 (39 of 2003)<\/td><\/tr>\n <tr><td><strong>Form<\/strong><\/td><td>A form appended to these rules<\/td><\/tr>\n <tr><td><strong>Primary Deficit<\/strong><\/td><td>Fiscal deficit <strong>minus interest payments<\/strong> [Substituted by 2018 Amendment]<\/td><\/tr>\n <tr><td><strong>Revenue Deficit<\/strong><\/td><td>Difference between <strong>revenue expenditure and revenue receipts<\/strong> [Substituted by 2018 Amendment]<\/td><\/tr>\n <tr><td><strong>Section<\/strong><\/td><td>A section of the Act<\/td><\/tr>\n <\/tbody>\n <\/table>\n\n <!-- Rule 3 -->\n <div class=\"section-heading-block\" id=\"r3\">\n <span class=\"section-badge\">RULE 3<\/span>\n <h3>Annual Targets [Substituted by 2018 Amendment]<\/h3>\n <\/div>\n\n <div class=\"highlight-banner\">\n <div class=\"hb-icon\">\ud83d\udcc9<\/div>\n <div>\n <h4>Annual Fiscal Deficit Reduction Mandate<\/h4>\n <p>The Central Government shall reduce the fiscal deficit by an amount equivalent to <span class=\"hb-badge\">0.1% of GDP or more<\/span> at the end of each financial year <span class=\"hb-badge\">beginning with FY 2018-19<\/span>, so that fiscal deficit is brought down to <span class=\"hb-badge\">not more than 3% of GDP by 31st March 2021<\/span>.<\/p>\n <\/div>\n <\/div>\n\n <!-- Rule 4 -->\n <div class=\"section-heading-block\" id=\"r4\">\n <span class=\"section-badge\">RULE 4<\/span>\n <h3>Statements to be Laid Before Parliament [Substituted by 2018 Amendment]<\/h3>\n <\/div>\n\n <p>The Central Government shall lay before each House of Parliament:<\/p>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">(a)<\/span><span>The <strong>Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement<\/strong> and the <strong>Macro-economic Framework Statement<\/strong> \u2014 along with the annual financial statement and demands for grants \u2014 in <strong>Forms F-1 and F-2<\/strong> respectively.<\/span><\/li>\n <li><span class=\"ico\">(b)<\/span><span>The <strong>Medium-term Expenditure Framework Statement<\/strong> \u2014 in <strong>Form F-3<\/strong>.<\/span><\/li>\n <\/ul>\n\n <div class=\"callout teal\">\n <div class=\"callout-label\">\ud83d\udccb Note \u2014 Merger of Statements<\/div>\n <p>The 2018 Amendment <strong>merged<\/strong> the MTFP Statement and the FPSS into a single combined statement: the <strong>\"Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement\"<\/strong> (presented in Form F-1).<\/p>\n <\/div>\n\n <!-- Rule 5 -->\n <div class=\"section-heading-block\" id=\"r5\">\n <span class=\"section-badge\">RULE 5<\/span>\n <h3>Fiscal Indicators [Substituted by 2018 Amendment]<\/h3>\n <\/div>\n\n <p>In the Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement (Form F-1), <strong>three-year rolling targets<\/strong> shall be set for the following fiscal indicators:<\/p>\n\n <div class=\"indicator-list\">\n <span class=\"ind-badge\">\u2460 Fiscal Deficit as % of GDP<\/span>\n <span class=\"ind-badge\">\u2461 Revenue Deficit as % of GDP<\/span>\n <span class=\"ind-badge\">\u2462 Primary Deficit as % of GDP<\/span>\n <span class=\"ind-badge teal\">\u2463 Tax Revenue as % of GDP<\/span>\n <span class=\"ind-badge teal\">\u2464 Non-tax Revenue as % of GDP<\/span>\n <span class=\"ind-badge amber\">\u2465 Central Govt. Debt as % of GDP<\/span>\n <\/div>\n\n <!-- Rule 6 -->\n <div class=\"section-heading-block\" id=\"r6\">\n <span class=\"section-badge\">RULE 6<\/span>\n <h3>Disclosures<\/h3>\n <\/div>\n\n <p>At the time of presenting the annual financial statement and demands for grants, the Central Government shall make the following disclosures:<\/p>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">(a)<\/span><span>Any <strong>significant change in accounting standards, policies and practices<\/strong> affecting or likely to affect the computation of prescribed fiscal indicators<\/span><\/li>\n <li><span class=\"ico\">(b)<\/span><span><strong>Statements of receivables and guarantees<\/strong> in Forms D-1 to D-3 along with explanatory notes [Substituted by 2007 Amendment]<\/span><\/li>\n <li><span class=\"ico\">(c)<\/span><span><strong>Statement of assets<\/strong> in Form D-4 along with explanatory notes [Substituted by 2007 Amendment]<\/span><\/li>\n <li><span class=\"ico\">(d)<\/span><span><strong>Statement of explicit contingent liabilities<\/strong> in the form of stipulated annuity payments over a multi-year time-frame \u2014 in Form D-5 [Inserted by 2013 Amendment]<\/span><\/li>\n <\/ul>\n\n <div class=\"callout amber\">\n <div class=\"callout-label\">\ud83d\udcc5 Compliance Deadline \u2014 Rule 6(2)<\/div>\n <p>The provisions of Rule 6(1) shall be complied with <strong>not later than with the presentation of the annual financial statement and demands for grants for the financial year 2006-2007<\/strong>.<\/p>\n <\/div>\n\n <!-- Rule 7 -->\n <div class=\"section-heading-block\" id=\"r7\">\n <span class=\"section-badge\">RULE 7<\/span>\n <h3>Measures to Ensure Compliance<\/h3>\n <\/div>\n\n <p>Based on the outcome of the <strong>half-yearly review<\/strong> [earlier \"quarterly\" \u2014 amended 2018] at the end of the <strong>first half<\/strong> [earlier \"second quarter\" \u2014 amended 2018] of any financial year beginning with <strong>FY 2015-16<\/strong> [earlier \"2012-13\" \u2014 amended 2015], if any of the following conditions are met:<\/p>\n\n <table class=\"compare-table\">\n <thead><tr><th>Trigger Condition<\/th><th>Threshold [Amended by 2015 Rules]<\/th><\/tr><\/thead>\n <tbody>\n <tr><td>(i) Total non-debt receipts are <strong>less than<\/strong><\/td><td><strong>40%<\/strong> of Budget Estimates for that year<\/td><\/tr>\n <tr><td>(ii) Fiscal deficit is <strong>higher than<\/strong><\/td><td><strong>70%<\/strong> of Budget Estimates for that year [earlier \"60%\"]<\/td><\/tr>\n <tr><td>(iii) Revenue deficit is <strong>higher than<\/strong><\/td><td><strong>70%<\/strong> of Budget Estimates for that year [earlier \"60%\"]<\/td><\/tr>\n <\/tbody>\n <\/table>\n\n <p><strong>Then the following actions are required:<\/strong><\/p>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">(a)<\/span><span>Central Govt. shall take <strong>appropriate corrective measures<\/strong> as required under Sec. 7(2) of the Act.<\/span><\/li>\n <li><span class=\"ico\">(b)<\/span><span>Finance Minister shall make a <strong>statement in both Houses of Parliament<\/strong> during the session immediately following the end of the first half, detailing: (i) corrective measures taken; (ii) how supplementary demands for grants are proposed to be financed; (iii) prospects for fiscal deficit for that financial year.<\/span><\/li>\n <\/ul>\n\n <!-- Rule 8 -->\n <div class=\"section-heading-block\" id=\"r8\">\n <span class=\"section-badge teal\">RULE 8<\/span>\n <h3>Review of Compliance by CAG [Inserted by 2015 Second Amendment]<\/h3>\n <\/div>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udd0d<\/span><span>The <strong>CAG of India<\/strong> shall carry out an <strong>annual review<\/strong> of compliance of the provisions of the Act and Rules by the Central Government \u2014 beginning with <strong>FY 2014-15<\/strong>.<\/span><\/li>\n <\/ul>\n\n <p><strong>Scope of the CAG's Annual Review [Rule 8(2)]:<\/strong><\/p>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span>(i) Analysis of achievement and compliance of targets set out in the Act, Rules, MTFP cum FPSS, Macro-economic Framework Statement and MTEF Statement<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span>(ii) Analysis of trends in receipts, expenditure and macro-economic parameters<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span>(iii) Comments related to classification of revenue, expenditure, assets or liabilities having a bearing on the achievement of targets<\/span><\/li>\n <li><span class=\"ico\">\u25aa\ufe0f<\/span><span>(iv) Analysis of disclosures made by Govt. to ensure greater transparency<\/span><\/li>\n <\/ul>\n\n <p><strong>CAG's Powers for Review [Rule 8(3)]:<\/strong><\/p>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udcc2<\/span><span>(a) Call for such <strong>records or information<\/strong> as required for the preparation of the report<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcc2<\/span><span>(b) Require that any <strong>accounts, books, papers and other documents<\/strong> which deal with or form the basis of, or are otherwise relevant to the review, shall be sent to such place as he may appoint for inspection<\/span><\/li>\n <\/ul>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83c\udfe2<\/span><span><strong>Rule 8(4):<\/strong> Officers in charge of any office\/department whose accounts are to be reviewed shall <strong>afford all facilities<\/strong> and comply with requests for records or information as expeditiously as possible and in complete form.<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcdc<\/span><span><strong>Rule 8(5):<\/strong> The CAG's review report shall be submitted to the <strong>President<\/strong>, who shall cause it to be <strong>laid on the table of both Houses of Parliament<\/strong>.<\/span><\/li>\n <\/ul>\n\n <hr class=\"section-divider\">\n\n <!-- \u2550\u2550\u2550 PART III \u2014 FORMS \u2550\u2550\u2550 -->\n <div class=\"chapter-heading-block\" id=\"ch3\">\n <span class=\"chapter-badge\">PART III<\/span>\n <h2>Prescribed Forms \u2014 Structure & Content<\/h2>\n <\/div>\n\n <!-- Form F-1 -->\n <div class=\"section-heading-block\" id=\"formF1\">\n <span class=\"section-badge amber\">FORM F-1<\/span>\n <h3>Medium-term Fiscal Policy cum Fiscal Policy Strategy Statement [See Rule 4]<\/h3>\n <\/div>\n\n <p>Form F-1 is a <strong>combined statement<\/strong> (merged by 2018 Amendment) comprising the following sections:<\/p>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">A<\/span><span><strong>Fiscal Indicators \u2014 Rolling Targets:<\/strong> 3-year rolling targets (Y-1 Revised Estimates, Y Budget Estimates, Y+1 and Y+2 Targets) for all 6 fiscal indicators (Rule 5): fiscal deficit, revenue deficit, primary deficit, tax revenue, non-tax revenue, and Central Govt. debt \u2014 all as % of GDP.<\/span><\/li>\n <li><span class=\"ico\">B<\/span><span><strong>Assumptions Underlying the Fiscal Indicators:<\/strong> Revenue receipts (tax revenue \u2014 sectoral and GDP growth rates; non-tax revenue \u2014 policy stance; devolution to States \u2014 Finance Commission); Capital receipts (debt stock, repayment, fresh loans, recovery of loans, other receipts, borrowings); Total expenditure (revenue account: interest payments, major subsidies, others; capital account: loans and advances, capital outlay); GDP Growth.<\/span><\/li>\n <li><span class=\"ico\">C<\/span><span><strong>Assessment of Sustainability:<\/strong> (i) Balance between revenue receipts and revenue expenditure \u2014 tax-GDP ratio, non-tax revenues, capital receipts, GDP projections; (ii) Use of capital receipts including market borrowings for generating productive assets.<\/span><\/li>\n <li><span class=\"ico\">D<\/span><span><strong>Fiscal Policy Strategy Overview:<\/strong> Overview of fiscal policy strategy currently in vogue.<\/span><\/li>\n <li><span class=\"ico\">E<\/span><span><strong>Fiscal Policy Strategy for Ensuing Year:<\/strong> Sub-paragraphs on: (1) Tax Policy \u2014 major changes in direct and indirect taxes, income tax exemption limits, principles regarding exemptions; (2) Expenditure Policy \u2014 major changes in allocation; (3) Govt. Borrowings, Lending and Investments \u2014 internal\/external debt, average maturity structure, bunching of repayments; (4) Contingent and Other Liabilities \u2014 changes in policy on guarantees; (5) Pricing of Administered Goods.<\/span><\/li>\n <li><span class=\"ico\">F<\/span><span><strong>Strategic Priorities for Ensuing Year:<\/strong> Resource mobilisation (tax, non-tax, other receipts); Expenditure management principles; Management of public debt.<\/span><\/li>\n <li><span class=\"ico\">G<\/span><span><strong>Rationale for Policy Changes:<\/strong> Direct and indirect tax changes; Budgeted expenditure including subsidies; Public debt management; Pricing of administered goods.<\/span><\/li>\n <li><span class=\"ico\">H<\/span><span><strong>Policy Evaluation:<\/strong> Evaluation of changes proposed in fiscal policy strategy for the ensuing year with reference to reduction of fiscal deficit, Central Govt. debt and MTFP objectives.<\/span><\/li>\n <\/ul>\n\n <!-- Form F-2 -->\n <div class=\"section-heading-block\" id=\"formF2\">\n <span class=\"section-badge amber\">FORM F-2<\/span>\n <h3>Macro-economic Framework Statement [See Rule 4]<\/h3>\n <\/div>\n\n <p>Form F-2 contains the following sections with actual data format appended:<\/p>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">1<\/span><span><strong>Overview of the Economy:<\/strong> Synoptic analysis of trends in growth rates, prices, output, external sector, money and capital markets with key macro-economic indicators.<\/span><\/li>\n <li><span class=\"ico\">2<\/span><span><strong>GDP Growth:<\/strong> Analysis of overall GDP growth and its sectoral composition.<\/span><\/li>\n <li><span class=\"ico\">3<\/span><span><strong>External Sector:<\/strong> Trends in exports, imports, foreign exchange reserves, current account balance and balance of payments.<\/span><\/li>\n <li><span class=\"ico\">4<\/span><span><strong>Money, Banking and Capital Markets:<\/strong> Trends in money supply, bank deposits and credit; developments in capital market.<\/span><\/li>\n <li><span class=\"ico\">5<\/span><span><strong>Central Government Finances:<\/strong> Analysis of trends in revenue collections and expenditure; trends in important fiscal deficit and debt indicators.<\/span><\/li>\n <li><span class=\"ico\">6<\/span><span><strong>Prospects:<\/strong> Assessment of growth prospects with underlying assumptions.<\/span><\/li>\n <\/ul>\n\n <p><em>Key data reported: Real Sector (GDP at current and constant prices, IIP, WPI, CPI, M3, Imports, Exports, Trade Balance, Foreign Exchange Assets, Current Account Balance) and Government Finances (Revenue Receipts, Tax Revenue Net, Non-Tax Revenue, Capital Receipts, Recovery of Loans, Other Receipts, Borrowings, Total Receipts, Revenue Expenditure, Interest Payments, Capital Expenditure, Total Expenditure, Fiscal Deficit, Revenue Deficit, Primary Deficit).<\/em><\/p>\n\n <!-- Form F-3 -->\n <div class=\"section-heading-block\" id=\"formF3\">\n <span class=\"section-badge amber\">FORM F-3<\/span>\n <h3>Medium-term Expenditure Framework Statement [See Rule 4]<\/h3>\n <\/div>\n\n <p>Form F-3 contains 4 sections, providing projections for the previous year (Y-1 Revised Estimates), current year (Y Budget Estimates), and next two years (Y+1, Y+2):<\/p>\n\n <ul class=\"icon-list\">\n <li><span class=\"ico\">A<\/span><span><strong>Medium-term Expenditure Projections (Major Category-wise):<\/strong> Detailed projections in \u20b9 crore for Revenue Expenditure items (Salary, Interest, Pension, Subsidies \u2014 Food\/Fertiliser\/Petroleum, Defence, Education, Health, Rural\/Urban Development, etc.) and Capital Expenditure items (Defence, Home, Finance, Transport, IT & Telecom, Loans to States, etc.).<\/span><\/li>\n <li><span class=\"ico\">B<\/span><span><strong>Assumptions Underlying MTEF Projections:<\/strong> Revenue Expenditure \u2014 salaries, pensions, interest payments, subsidies, defence; Capital Expenditure \u2014 defence, road transport & highways, railway capital support, other capital expenditure.<\/span><\/li>\n <li><span class=\"ico\">C<\/span><span><strong>MTEF Projections (Demand-wise, Net Basis):<\/strong> Projections disaggregated by demand number and name \u2014 revenue and capital separately.<\/span><\/li>\n <li><span class=\"ico\">D<\/span><span><strong>MTEF Projections for Select Schemes (Net Basis):<\/strong> Revenue and Capital sections separately with scheme-wise projections.<\/span><\/li>\n <\/ul>\n\n <div class=\"callout\">\n <div class=\"callout-label\">\ud83d\udccc Note on Reporting Year<\/div>\n <p>In Forms F-3, D-1, D-2, D-3, D-4 \u2014 the <strong>\"reporting year\"<\/strong> refers to the <strong>second year preceding<\/strong> the year for which the annual financial statement and demands for grants are presented.<\/p>\n <\/div>\n\n <!-- Disclosure Forms -->\n <div class=\"section-heading-block\" id=\"formD1\">\n <span class=\"section-badge green\">FORM D-1<\/span>\n <h3>Tax Revenues Raised but Not Realised [See Rule 6]<\/h3>\n <\/div>\n\n <p>Discloses tax revenue arrears as at the end of the reporting year, classified by:<\/p>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83d\udcca<\/span><span><strong>Status:<\/strong> Amounts under dispute vs. amounts not under dispute<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcc5<\/span><span><strong>Age bands:<\/strong> Over 1 yr < 2 yrs; Over 2 yrs < 5 yrs; Over 5 yrs < 10 yrs; Over 10 yrs; with Sub-total and Grand Total<\/span><\/li>\n <li><span class=\"ico\">\ud83c\udff7\ufe0f<\/span><span><strong>Tax Heads covered:<\/strong> Corporation Tax (0020), Income Tax other than Corp. Tax (0021), CGST (0005), IGST (0008), Customs (0037), Union Excise (0038), Service Tax (0044)<\/span><\/li>\n <\/ul>\n\n <div class=\"section-heading-block\" id=\"formD2\">\n <span class=\"section-badge green\">FORM D-2<\/span>\n <h3>Arrears of Non-Tax Revenue [See Rule 6]<\/h3>\n <\/div>\n\n <p>Discloses non-tax revenue arrears as at end of reporting year in age bands (0-1 yr, 1-2 yrs, 2-3 yrs, 3-5 yrs, above 5 yrs), covering: Fiscal Services (Interest receipts from State\/UT Govts., Railways, Departmental Commercial Undertakings, PSUs; Dividend and Profits); General Services (Police receipts); Economic Services (Petroleum Cess\/Royalty; Communications Licence Fees; Other Receipts).<\/p>\n\n <div class=\"section-heading-block\" id=\"formD3\">\n <span class=\"section-badge green\">FORM D-3<\/span>\n <h3>Guarantees Given by the Government [See Rule 6]<\/h3>\n <\/div>\n\n <p>Discloses guarantee position classified by class (with number of guarantees within brackets), covering 12 data columns: Maximum Amount Guaranteed, Outstanding at beginning of year, Additions during year, Deletions (other than invoked), Guarantees valid till, Invoked during year (Discharged + Not Discharged), Outstanding at end of year, Guarantees Commission Fee (Receivables + Received), and Other Material Details.<\/p>\n\n <div class=\"section-heading-block\" id=\"formD4\">\n <span class=\"section-badge green\">FORM D-4<\/span>\n <h3>Asset Register [See Rule 6]<\/h3>\n <\/div>\n\n <p>Discloses value of assets (cost in \u20b9 crore) at beginning of reporting year, acquired during reporting year, and cumulative total at end of reporting year, covering:<\/p>\n <ul class=\"icon-list\">\n <li><span class=\"ico\">\ud83c\udfd7\ufe0f<\/span><span><strong>Physical Assets:<\/strong> Land (area in sq. km), Buildings (Office + Residential), Roads, Bridges, Irrigation Projects, Power Projects, Other Capital Projects, Machinery & Equipment, Office Equipment, Vehicles<\/span><\/li>\n <li><span class=\"ico\">\ud83d\udcb0<\/span><span><strong>Financial Assets:<\/strong> Equity Investment (Shares + Bonus Shares), Loans and Advances (to State Govts., UT Govts., Foreign Govts., Companies, Others), Other Financial Investment<\/span><\/li>\n <\/ul>\n\n <div class=\"callout amber\">\n <div class=\"callout-label\">\ud83d\udccc Notes on Form D-4<\/div>\n <ul>\n <li>Assets above threshold value of <strong>\u20b92 lakh<\/strong> only to be recorded<\/li>\n <li><strong>Excluded from scope:<\/strong> Assets of Cabinet Secretariat, Central Police Organisations, Ministry of Defence, Department of Space and Atomic Energy<\/li>\n <li>Reporting year = second year preceding year of annual financial statement<\/li>\n <li>Area of land in sq. km in bracket below cost; if unavailable, target date to compile it shall be indicated in footnote<\/li>\n <\/ul>\n <\/div>\n\n <div class=\"section-heading-block\" id=\"formD5\">\n <span class=\"section-badge green\">FORM D-5<\/span>\n <h3>Liability on Annuity Projects [See Rule 6]<\/h3>\n <\/div>\n\n <p>Discloses explicit contingent liabilities in the form of stipulated annuity payments, project-wise by Ministry\/Department, covering: Name of Project, Value of the Project (\u20b9 crore), Total Annuity Committed (\u20b9 crore), Term (years), Annuity Payment per year (\u20b9 crore), Amount of unpaid annuity liability at end of financial year (\u20b9 crore).<\/p>\n\n <div class=\"callout\">\n <div class=\"callout-label\">\ud83d\udccc Note on Financial Year in Form D-5<\/div>\n <p>The financial year in the unpaid annuity column refers to the <strong>year for which the annual financial statement is being presented<\/strong> (unlike Forms D-1 to D-4 where reporting year = 2 years preceding).<\/p>\n <\/div>\n\n <hr class=\"section-divider\">\n\n <!-- \u2550\u2550\u2550 PART IV \u2014 AMENDMENTS \u2550\u2550\u2550 -->\n <div class=\"chapter-heading-block\" id=\"ch4\">\n <span class=\"chapter-badge\">PART IV<\/span>\n <h2>Key Amendments \u2014 Timeline<\/h2>\n <\/div>\n\n <div class=\"section-heading-block\" id=\"amend-timeline\">\n <span class=\"section-badge purple\">TIMELINE<\/span>\n <h3>Chronological Amendment History<\/h3>\n <\/div>\n\n <div class=\"amend-list\">\n <div class=\"amend-row\">\n <div class=\"amend-year\">2004<\/div>\n <div class=\"amend-text\"><strong>Original FRBM Rules, 2004<\/strong> (GSR 395(E), 2 July 2004) \u2014 Original rules framed under the Act; came into force 5 July 2004.<\/div>\n <\/div>\n <div class=\"amend-row\">\n <div class=\"amend-year\">2007<\/div>\n <div class=\"amend-text\"><strong>FRBM (Amendment) Rules, 2007<\/strong> (GSR 41(E), 23 Jan 2007) \u2014 Substituted Rule 6(1)(b) and (c) (disclosure of receivables\/guarantees and assets); amended Form D-2.<\/div>\n <\/div>\n <div class=\"amend-row\">\n <div class=\"amend-year\">2012<\/div>\n <div class=\"amend-text\"><strong>Finance Act, 2012 (Act 23 of 2012)<\/strong> \u2014 Amended FRBM Act: Inserted Sec. 7A (CAG review laying); Added MTEF Statement as Sec. 3(1)(d); Inserted Sec. 3(1A) and (1B) (sequencing of statements); Inserted Sec. 3(6A) (MTEF content); Updated Sec. 8(2)(ba) and Sec. 8(2)(c). Also amended FRBM Rules 2004: Inserted Rule 8(ba) re expenditure indicators; updated Form references.<\/div>\n <\/div>\n <div class=\"amend-row\">\n <div class=\"amend-year\">2013<\/div>\n <div class=\"amend-text\"><strong>FRBM (Amendment) Rules, 2013<\/strong> (GSR 290(E), 7 May 2013) \u2014 Inserted Rule 6(1)(d) \u2014 disclosure of explicit contingent liabilities (annuity payments) in Form D-5.<\/div>\n <\/div>\n <div class=\"amend-row\">\n <div class=\"amend-year\">2015<\/div>\n <div class=\"amend-text\"><strong>FRBM (Amendment) Rules, 2015<\/strong> (GSR 523(E), 25 Jun 2015) \u2014 Changed trigger year for Rule 7 compliance from \"2012-13\" to \"2015-16\"; changed fiscal\/revenue deficit threshold from \"60%\" to \"70%\" of Budget Estimates.<\/div>\n <\/div>\n <div class=\"amend-row\">\n <div class=\"amend-year\">2015<\/div>\n <div class=\"amend-text\"><strong>FRBM (Second Amendment) Rules, 2015<\/strong> (GSR 829(E), 31 Oct 2015) \u2014 Inserted Rule 8 providing for annual CAG compliance review beginning FY 2014-15.<\/div>\n <\/div>\n <div class=\"amend-row\">\n <div class=\"amend-year\">2018<\/div>\n <div class=\"amend-text\"><strong>Finance Act, 2018 (Act 13 of 2018, Part XV, Chapter VIII)<\/strong> \u2014 Most significant amendment: Substituted Sec. 2(aa) (Central Govt. Debt definition); Inserted Sec. 2(bb) General Govt. Debt, Sec. 2(bc) GDP, Sec. 2(ca) Real GDP, Sec. 2(cb) Real Output Growth; Omitted Secs. 2(e) and 2(f); Omitted Sec. 3(3)(i) (revenue balance item); Omitted Sec. 3(6A)(b)(iii); Substituted Sec. 4(1)\u2013(5) entirely (new fiscal management principles with escape clauses); Substituted Sec. 5(3) (RBI primary subscription on escape clause grounds); Added Sec. 5(4) conversion provision; Changed \"quarterly\" to \"half-yearly\" and \"second quarter\" to \"first half\" in Secs. 7(1) and 7(2); Inserted Sec. 7(1A) (monthly accounts); Omitted Sec. 8(2)(ca).<\/div>\n <\/div>\n <div class=\"amend-row\">\n <div class=\"amend-year\">2018<\/div>\n <div class=\"amend-text\"><strong>FRBM (Amendment) Rules, 2018<\/strong> (GSR 321(E), 2 Apr 2018) \u2014 Substituted Rules 2(c)(ca), 3, 4, 5; Omitted Form clause (e) of Rule 6; Substituted \"quarterly review\" with \"half-yearly review\" and \"second quarter\" with \"first half\" in Rule 7; Substituted reference in Rule 8(2)(i); Substituted Forms F-1, F-2, F-3, F-4, D-1, D-3, D-4 and D-5.<\/div>\n <\/div>\n <\/div>\n\n <\/main>\n<\/div>\n\n<script>\n const trackables = document.querySelectorAll('[id]');\n const tocLinks = document.querySelectorAll('.toc-list a, .toc-sub a');\n const tocCard = document.querySelector('.toc-card');\n window.addEventListener('scroll', () => {\n let cur = '';\n trackables.forEach(el => { if (window.scrollY >= el.offsetTop - 100) cur = el.id; });\n tocLinks.forEach(a => {\n const active = a.getAttribute('href') === '#' + cur;\n a.classList.toggle('active', active);\n if (active && tocCard) {\n const lt = a.offsetTop, ch = tocCard.clientHeight, lh = a.clientHeight;\n if (lt < tocCard.scrollTop || lt + lh > tocCard.scrollTop + ch)\n tocCard.scrollTo({ top: lt - ch\/2 + lh\/2, behavior: 'smooth' });\n }\n });\n });\n<\/script>\n<\/body>\n<\/html>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FRBM Act, 2003 & Rules, 2004 \u2014 Complete Study Notes \u2696\ufe0f Fiscal Law \u2014 Study Notes Fiscal Responsibility & BudgetManagement […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"","ast-site-content-layout":"full-width-container","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"disabled","ast-banner-title-visibility":"disabled","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"disabled","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[],"tags":[],"class_list":["post-12166","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/promotionexams.com\/index.php?rest_route=\/wp\/v2\/pages\/12166","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/promotionexams.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/promotionexams.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/promotionexams.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/promotionexams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12166"}],"version-history":[{"count":4,"href":"https:\/\/promotionexams.com\/index.php?rest_route=\/wp\/v2\/pages\/12166\/revisions"}],"predecessor-version":[{"id":12170,"href":"https:\/\/promotionexams.com\/index.php?rest_route=\/wp\/v2\/pages\/12166\/revisions\/12170"}],"wp:attachment":[{"href":"https:\/\/promotionexams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/promotionexams.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/promotionexams.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}