(1) The State Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely,-
(a) the form of the Macroeconomic Framework Statement under section 6;
(b) the form of Medium-Term Fiscal Policy Statement, including the targets for the fiscal indicators, under section 7;
(c) the form of Fiscal Policy Strategy Statement under section 8;
(d) the forms for disclosure under sub-section (2) of section 10;
(e) measures to enforce compliance;
(f) the manner of review of compliance of the provisions of this Act by the independent agency under section 11; and
(g) any other matter which is required to be, or may be, prescribed.
(3) Every rule made under this Act shall be laid, as soon as may be after it is made, before the House or Houses of the Legislature, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, the House/Houses agree in making any modification in the rule or the House/Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely,-
(a) the form of the Macroeconomic Framework Statement under section 6;
(b) the form of Medium-Term Fiscal Policy Statement, including the targets for the fiscal indicators, under section 7;
(c) the form of Fiscal Policy Strategy Statement under section 8;
(d) the forms for disclosure under sub-section (2) of section 10;
(e) measures to enforce compliance;
(f) the manner of review of compliance of the provisions of this Act by the independent agency under section 11; and
(g) any other matter which is required to be, or may be, prescribed.
(3) Every rule made under this Act shall be laid, as soon as may be after it is made, before the House or Houses of the Legislature, while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, the House/Houses agree in making any modification in the rule or the House/Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Fiscal Management Objectives.Section 4 · Fiscal Management Principles.Section 5 · Fiscal Policy Statements to be laid before the Legislature.Section 6 · Macroeconomic Framework Statement.Section 7 · Medium Term Fiscal Policy Statement.Section 8 · Fiscal Policy Strategy Statement.India Code, Government of India. Text fetched 15 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.