CHANDIGARH, March 2 -- THE Punjab Cabinet led by Capt Amarinder Singh on Monday decided to amend the Punjab Fiscal Responsibility and Budget Management (FRBM) Act, 2003, to allow the state to make an additional borrowing of Rs 928 crore in 2019-20 over and above its net borrowing ceiling of 3% of Gross State Domestic Product (GSDP).
Disclosing this here today, a spokesperson of the Chief Minister's Office said the Cabinet had accordingly approved amendment to Section 4, in Sub-section (2), for Clause (a) of the Punjab Fiscal Responsibility and Budget Management Act, 2003.
In order to provide relief to the states on account of lower tax devolution during 2019-20, and in view of the hardships being faced by them in managing their finances, ...