De-Jargoned | Fiscal Responsibility and Budget Management Act
To ensure that the government keeps its expenses in check, the National Democratic Alliance (NDA) government, under the prime ministership of Atal Bihari Vajpayee, had proposed the Fiscal Responsibility and Budget Management (FRBM) Bill in Parliament in 2001. In July 2003, this bill was approved by Parliament and became an Act. However, the Act came into force in July 2004, when the the United Progressive Alliance (UPA) government, under the prime ministership of Manmohan Singh, presented the budget.
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