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Finance Commission recommends FRBM Act revamp

Finance Commission recommends FRBM Act revamp
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Last Updated: Feb 02, 2021, 05:10 AM IST
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Synopsis
The FRBM Act needs to be revamped because of prevailing uncertainty and contemporary realities and challenges, the commission said. The Union and state governments will have to amend their FRBM Acts to ensure their legislations are consistent with the fiscal sustainability framework, it added.
Agencies
Meanwhile, the government has accepted the commission’s suggestion to set up a non-lapsable defence fund.
The 15th Finance Commission led by NK Singh has recommended setting up a high-powered intergovernmental group to restructure the Fiscal Responsibility and Budget Management Act and oversee its implementation.

Jammu , Jammu-and-kashmir , India , Ladakh , Budget-banner-et-bureau , Finance-commission , Fiscal-responsibility , Budget-management-act , Frmb-act , Budget-news , 15th-finance-commission