All the receipt and disbursements are kept under two headings.
Consolidated fund of India
Public account of India
CFOI PAOI All revenue receive, loans raised and money received in repayment of loans by union government. All other receipts and disbursement of union government such as deposits, service funds and remittances No money can be withdrawn from this fund except under the authority of an Act of parliament. It is not subject to vote of parliament.
Fiscal Responsibility And Budget Management (FRBM) Bill
Introduced in Lok Sabha in December 2000.
Long-term macroeconomic stability
Inter-generational equity in fiscal management.
It aimed at:
Reducing revenue deficit
Reducing gross fiscal deficit
Reducing the Public debt
No Borrowing from the RBI
Thank You “ We need faster growth because, at our level of incomes, there can be no doubt that we must expand the production base of the economy if we want to provide broad-based improvement in the material conditions of living of our population, .......... But growth alone is not enough if it does not produce a flow of benefits that is sufficiently wide-spread. We, therefore, need a growth process that is much more inclusive, .......... and which also ensures access to essential services such as health and education for all sections of the community”. -Dr. Manmohan Singh, Prime Minister