What does FRBMA mean in MANAGEMENT
The Fiscal Responsibility and Budget Management Act, or FRBMA, is an Indian law designed to incentivize fiscal discipline and promote transparency and accountability amongst governing bodies. This act is meant to ensure the government prudently manages its finances to provide for long-term economic stability.
FRBMA meaning in Management in Business
FRBMA mostly used in an acronym Management in Category Business that means Fiscal Responsibility and Budget Management Act
Shorthand: FRBMA,
Full Form: Fiscal Responsibility and Budget Management Act
For more information of "Fiscal Responsibility and Budget Management Act", see the section below.
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Essential Questions and Answers on Fiscal Responsibility and Budget Management Act in "BUSINESS»MANAGEMENT"
What is the purpose of the Fiscal Responsibility and Budget Management Act?
The purpose of the Fiscal Responsibility and Budget Management Act is to encourage fiscal discipline in governments and promote transparency, accountability, and sound financial management.
Who does the Fiscal Responsibility and Budget Management Act apply to?
The FRBMA applies to all executive bodies of both Union and State Governments in India.
What are some initiatives put forth by the FRBMA?
The FRBMA puts forth initiatives such as amendment of existing laws related to finance, reduction of revenue deficit to zero over five years, limitation on borrowings by state governments, etc.
Does the FRBMA help protect against financial mismanagement?
Yes, this act helps protect against financial mismanagement by incentivizing fiscal responsibility and promoting transparency among governing bodies.
When was this legislation passed?
This legislation was passed in 2003.
Final Words:
The Fiscal Responsibility and Budget Management Act is an important piece of Indian legislation designed to ensure that governments manage their finances responsibly. This act helps protect against financial mismanagement while also promoting transparency in governmental operations.