Explanation:

The Fiscal Responsibility and Budget Management (FRBM) Act is a law in India that was enacted in 2003.

• Its goal is to ensure fiscal discipline and financial stability.

• The act establishes targets for fiscal deficits, debt-to-GDP ratios, and other fiscal indicators, and requires the government to take steps to achieve these targets and to report on its progress in doing so.

• The act also establishes an independent Fiscal Responsibility and Budget Management Council to monitor compliance with the act and to make recommendations for fiscal policy.

• In 2018, the Indian government amended the FRBM Act to include a new fiscal deficit target with a provision for deviation of 0.5% in case of "natural calamities" or other "extraordinary events." 

Hence both statements are correct.