KATHMANDU: The Fiscal Procedures and Financial Responsibility Act-2076 BS has been amended through ordinance ensuring some new changes in the provisions for budget calendar.
Amendment got an impetus with President Ramchandra Paudel issuing an ordinance- Fiscal Procedures and Financial Responsibility Act (First Amendment) Ordinance-2080 BS on last Thursday.
The ordinance mandates the provincial and priorities of the budget should be presented to the federal parliament three months prior to presenting the Appropriation Bill (annual budget) which means principle and priorities of the budget should be presented in the parliament within every February 17.
Similarly, the timeline for budget ceiling has been revised by considering amendment in the Fiscal Procedures and Financial Responsibility Act-2076 BS, said Dhaniram Sharma, Spokesperson at the Ministry of Finance.
There is a legal provision that the federal government has to present Appropriation Bill in the parliament on Jestha 15, every year. Similarly, the suggestions should be given to the government within a month after holding discussion on the principles and priorities of budget and programs.
“A provision has been made where suggestions should be submitted at the Finance Ministry within a month (Chait 15) if there is any issue to be included or removed as well as any suggestion and directives holding discussion in principle once budget’s principles and priorities are submitted in the federal parliament”, added Spokesperson Sharma.
Earlier, there was a provision that lawmakers had to give suggestions to the government within seven days of presenting the budget’s principles and priorities in the parliament.
Point no 29 of the annual budget of the current fiscal year 2080/81 BS has mentioned that an arrangement would be made to present the principles and priorities of the Appropriation Bill within the last of Falgun once ministry-level budget ceiling is determined from coming fiscal year.
The ordinance has been brought for the implementation of this provision of the budget. It is believed that it would help to formulate a realistic budget on the basis of lawmakers’ suggestions.
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