Budget means
planning of allocation of funds to departments, schemes and programmes, how
much fund is necessary for execution. The rising of revenue, expenditure and
stipulated time involves planning in budget.
Budget is of three sessions
1. Monsoon session
2. Winter
session
3. Summer
session
The Railway budget is separated from General budget in
1921 by Acworth committe,to increase the services facility,raising of income,
better utility of transportation.
Procedure for budget implementing
The general
budget is passed by the Finance minister in the end month of march after vote
on account (1/6th of the budget to meet the needs for two months).
Finance minister
grants funds to departments, schemes and programmes and the Loksabha grants
leave for some days.
During the
leaves departmental standing committees verify the allocation of grants,i.e.,
raising or lower the amount to departments or programmes.
Finally the
voting can be done on the grants and the budget is passed ,the president assent
the budget and become acts.
Budget discussions
are allowed in Rajyasabha but no voting takes place in Rajyasabha on budget.
Rule of Lapse Means
The amount
allocated in the budget can be spend within in 1 year after the passage of budget in the parliament of India,
if there is failure of spending the amount in 1 year the amount will be spoiled.
These provision is exempted for the North Eastern states of India.So many
departments highly spends amount at the end of March (Financial year ends march
31), called March rush.
