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Finance Ministry to present the budget during the month of January
Posted on: 22/Aug/2016 10:54:58 AM
The Finance Ministry has decided to present the Union Budget one month in advance. Union Budget has for decades been presented on last day of February, but this could soon change with the government mulling advancing it to January end so as to complete the budget exercise before the beginning of the new fiscal.
Apart from changing the date, the Ministry is bringing various changes in presentation of the budget. Finance Ministry is doing an overhaul of the entire Budget making exercise which may see scrapping of the current practice of presenting a separate budget for Railways .
The revenue department is also mulling preponing its pre-budget meetings with various stakeholders to September instead of holding them in November/December.
Until the year 2000, the Budget was announced at 5 pm on last working day of February. This practice was inherited from the pre-Independence era, when the British Parliament would pass the budget in the noon followed by India in the evening on the same day.
In 2001, the NDA government under Atal Bihari Vajpayee changed the ritual and the then Finance Minister Yashwant Sinha presented the Union Budget at 11 am.
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