Budget managemet bill passed in Bihar assembly

Patna, Mar 29 (UNI) Bihar assembly today passed the Fiscal Responsibility and Budget Management (FRBM) Bill by voice vote today.

Presenting the bill Deputy Chief minister and Finance minister Sushil Kumar Modi said the FRBM was aimed at to bring fiscal discipline in the state expenditure.

According to the recommendations of the 12th Finance Commission, the Centre would grant rebate in interest on loans received by the states.

Later talking to mediapersons, Mr Modi said the transparency, stability and predictability would be brought about in the finacial trasaction of the state government. He said the bill was needed for putting the state finance on sustainable path. He said that revenue deficit would be reduced to 3 per cent of Gross Domestic Product by the year 2008-09.

UNI XC/DH PC AB 2114