<P> The Act further required the government to develop measures to promote fiscal transparency and reduce secrecy in the preparation of the Government financial documents including the Union Budget . </P> <P> The Central Government, by rules made by it, was to specify the following: </P> <Ol> <Li> a plan to eliminate revenue deficit by 31 March 2008 by setting annual targets for reduction starting from day of commencement of the act . </Li> <Li> reduction of annual fiscal deficit of the country </Li> <Li> annual targets for assuming contingent liabilities in the form of guarantees and the total liabilities as a percentage of the GDP </Li> </Ol> <Li> a plan to eliminate revenue deficit by 31 March 2008 by setting annual targets for reduction starting from day of commencement of the act . </Li>

Who was the head of the fiscal responsibility and budget management (frbm) committee