(1)

The State Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Act.

(2)

In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely :-

(a) the fiscal indicators to be prescribed for the purpose of sub- section (2) of section 3 and clause (a) of sub-section (2) of section 5;

(b) the form of the Medium-term Fiscal Policy Statement, referred to in sub- section (5) of section 3;

(c) the form of statement under sub-section (2) of section 5;

(d) the levels referred to in sub-section (3) of section 6;

(e) the periodic review by an independent external agency under sub- section (7) of Section 6; and

(f) any other matter, which is required to be, or may be, prescribed.

(3)

Every rule made under this Act, shall be laid, as soon as may be, after it is made, before the House of the State Legislature, while it is session, for a total period of fourteen days, which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session in which it is so laid or the successive sessions as aforesaid, the House agrees, in making any modification in the rules, or the House agrees, that the rules should not be made, the rules shall thereafter have effect only in such modified form or be of no effect, as the case may be, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done or omitted to be done under that rule.