Arrange the following in the order in which they took place:
(A) The RBI stops subscribing to the primary issues of central government securities
(B) Enactment of the FRBMA
(C) Roll-out of GST across the country
(D) Notification of the rules under the FRBMA
Choose the correct answer from the options given below:
Answer & explanation
Correct answer: option 1
The correct answer is Option (1) → (B), (D), (A), (C)
(B) The FRBMA was enacted in August 2003.
(D) Its rules were notified with effect from July 2004.
(A) The RBI was not to subscribe to primary issues of central government securities from 2006-07.
(C) GST was rolled out on the midnight of 30 June / 1 July 2017.
NCERT (2026-27): “Box 5.2: Fiscal Responsibility and Budget Management Act, 2003 (FRBMA) … The enactment of the FRBMA, in August 2003, marked a turning point in fiscal reforms, binding the government through an institutional framework to pursue a prudent fiscal policy. The central government must ensure inter-generational equity and long-term macro-economic stability by achieving sufficient revenue surplus, removing fiscal obstacles to monetary policy and effective debt management by limiting deficits and borrowing. The rules under the Act were notified with effect from July, 2004.” “… 5. The Reserve Bank of India must not subscribe to the primary issues of central government securities from the year 2006-07. …” “Box 5.3: GST: One Nation, One Tax, One Market … GST is the biggest tax reform in the country since independence and was rolled out on the mid-night of 30 June/1 July, 2017 during a special midnight session of the Parliament. …” |