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of <h1>Amendments to Section 4 of Fiscal Responsibility Act aim to eliminate effective revenue deficit by March 31, 2015.</h1> Clause 148 of the Finance Bill, 2012 proposes amendments to section 4 of the Fiscal Responsibility and Budget Management Act, 2003. It mandates the Central Government to implement measures to reduce fiscal, revenue, and effective revenue deficits, aiming to eliminate the effective revenue deficit by March 31, 2015. The amendments also require achieving a revenue deficit of no more than two percent of GDP by the same date, with further rules to be prescribed by the government. The clause extends the deadline from March 31, 2009, to March 31, 2015, and introduces the term 'effective revenue deficit' into the statutory language.
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