Stages of Passing of the Budget
The origin of the word, ’budget’ goes back to old French word ‘baguette’ which means a pouch or a bag/briefcase. The presentation of the budget, traditionally involved carrying the budget documents in a leather bag/briefcase. Budget is a statement of the Government’s estimated receipts and expenditure in a financial year starting from April 1st and ending on March 31st Officially, it is known as Annual Financial Statement, the term budget is not used in the Constitution. Budget Division of Department of Economic Affairs under the Ministry of Finance is responsible for preparation of Budget. From 2019 onwards, the tradition of carrying the budget documents in a briefcase has been discontinued. The Finance Minister now carries the budget documents in a four-fold red cloth called 'Bahi Khata' or a traditional ledger. The Government had decided to merge Rail Budget with the Union Budget from budget year 2017-18. The merger of Railway Budget with General Budget is based on the recommenda…
