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of <h1>Finance Bill 2012 Amends Fiscal Responsibility Act: New Definitions, Expenditure Framework, and Compliance Review by Comptroller</h1> Chapter VI of the Finance Bill, 2012 proposes amendments to the Fiscal Responsibility and Budget Management Act, 2003. Clause 146 introduces definitions for 'effective revenue deficit' and 'grants for creation of capital assets.' Clause 147 amends fiscal policy statement requirements, adding a Medium-term Expenditure Framework Statement with a three-year target for expenditure indicators. Clause 148 revises fiscal management principles, aiming to eliminate the effective revenue deficit by March 31, 2015. Clause 149 allows the Comptroller and Auditor-General to review compliance, and Clause 150 involves consequential amendments to rule-making powers. These changes take effect upon presidential assent.
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