The Fiscal Responsibility and Budget Management Act, 2003 was an act formulated by the Indian government to institutionalize financial discipline, reduce India`s fiscal deficit, and improve macroeconomic management.

Option 1: The Act did aim to eliminate the revenue deficit by the end of fiscal year 2007-08. Revenue deficit refers to the excess of revenue expenditure over revenue receipt.

Option 2: The Act does restrict the central government from borrowing from the RBI, except in certain situations. This is done to prevent the government from triggering inflation by borrowing excessively from the central bank.

Option 3: The correct answer. This option is not stipulated in the act. Primary deficit refers to fiscal deficit minus interest payments. While the act aimed to reduce fiscal deficits, it did not specifically state a goal to eliminate the primary deficit by the end of fiscal year 2008-09.

Option 4: The act includes provisions for limiting government guarantees and liabilities as a percentage of GDP to manage the government`s off-balance sheet exposures. The exceeding of these limits requires approval from the parliament.