Q. Via which of the following, the Ministry of Finance is required to review every quarter the trends in Receipts and Expenditure in relation to the Budget and place it before both Houses of Parliament?
Answer: Responsibility and Budget Management Act 2003
Notes: Fiscal Responsibility and Budget Management (FRBM) Act, 2003 requires the Ministry of Finance to review every quarter the trends in Receipts and Expenditure in relation to the Budget and place it before both Houses of Parliament. As part of this exercise, the Economic Division of Department of Economic Affairs prepares the Mid-Year Review in the second quarter of each year for placing it before Parliament. In addition, at the end of first quarter and third quarter a Macro-Economic backdrop statement is prepared and provided to the Budget Division for incorporating in the review of quarterly receipts and expenditure

This Question is Also Available in:

हिन्दी
Question Source: 📚This question has been sourced from GKToday's "40000+ GK / General Studies MCQs for SSC & State PCS Exams" App Exclusive Course in GKToday Android Application which provides more than 40K General Knowledge and General Studies questions with explanations asked in all Competitive Exams of India. Download the app here.
📌 Question Number: 11 in 41. Fiscal Policy, Budget, India's debt in the above course in App.