As Union Govt going to present the BUDGET for the next financial year very soon (expected on July 8th). Lets know about how the budget formulated ??
UNION BUDGET PROCEEDINGS:
- Budget is not only a financial statement but also a socioeconomic change.
- Budget will be presented in Lok Sabha by finance minister of India.
- Budget has 109 demands which includes 103 civil demands,6 defence demands.
- When demands are passed by Parliament they will become grants.
- Budget is usually presented on last day of February, it is not a provision but a tradition(so that budget presentation can be extended if elections are there in any of the state*).
- No discussion will be allowed on the day of presentation
- There after 5 days are allocated for discussion.
- 26 days are allocated to pass 109 demands.
- All together it will take 31 days i.e 31 march.
- So next financial year will start from 1st April.
- Traditionally 75 days are allocated to passed by both the houses(even by joint sitting).
- This have to be done before 14th may or else budget will lapse.
- This way new financial year started budget is yet to be passed,then
- Vote on account is presented to meet immediate needs which should not exceed 1/6th of the total amount.
- Later on this amount is deducted from main budget.
- Budget of India is based on annual accounting but in 2012-13 it is shifted to acrual accounting in which budgetary allocations will not lapse annually instead it will continue for next 3 years.
- This is done to avoid march rush and rule of lapse.
*Since budget includes many populist decisions which may directly influence the Voting Behaviour of the people.
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| parliament of india |
budget session
If u have any doubts regarding any thing in this budget proceedings post your doubts your doubts will be clarified instantly.
It will be very useful for Civil Services exams ,Groups,IBPS exams,other exams.
source:internet
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