Section 7, Fiscal Responsibility and Budget Management Act, 2003 [S21-DZN]

As at 7 September 2026. In force from 5 August 2003.

In Fiscal Responsibility and Budget Management Act, 2003 [A11-8JV]. This text from 5 August 2003. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 7, Fiscal Responsibility and Budget Management Act, 2003 [S21-DZN]. Machine: S21-DZN.

7. Maintenance of records and furnishing of returns.—(1) Every borrower shall maintain such records and registers relating to the borrowing of money as may be prescribed and shall preserve them for a period of five years. (2) Every borrower shall furnish to the Reserve Bank a return in Form B within seven days from the end of every financial year, and such other information as the Reserve Bank may, by order in writing, require.

Defined terms in this text (2)

borrower: Section 2, Fiscal Responsibility and Budget Management Act, 2003 [S21DTZ] (In this Act, unless the context otherwise requires,—): "borrower" means any person who has been granted financial assistance by any bank or financial institution or who has given any guarantee or created any mortgage or pledge as security for the financial assistance granted

borrower: 25 more definitions.

Reserve Bank: Section 2, Fiscal Responsibility and Budget Management Act, 2003 [S21DTZ] (In this Act, unless the context otherwise requires,—): "Reserve Bank" means the Reserve Bank of India constituted under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934)

Reserve Bank: 24 more definitions.

Made under this section, or naming it (1)

Circular of the Department of Financial Services dated 29th August, 2011 on section 7 of the Fiscal Responsibility and Budget Management Act, 2003 [C10-HK4], 29 August 2011, in force. The text contains "section 7 of the Fiscal Responsibility and Budget Management Act, 2003 (39 of 2003)".

Cited by (2)

Section 50, Fiscal Responsibility and Budget Management Act, 2003 [S21-FAJ], 5 August 2003, Band A. "section 7".

Rule 6, Fiscal Responsibility and Budget Management Act Rules, 2004 [S21-SCC], 18 March 2004, Band A. "sub-section (2) of section 7 of the Act".

Not held (0)

none

Duties published under this section (1)

D11-PZD. Every borrower: Maintain records and registers of the borrowing of money; preserve for five years; furnish the annual return in Form B; seven days from the end of every financial year; Form B. Published by Department of Financial Services, Ministry of Finance (synthetic record).