Current Affairs 19 Jan, 2019

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FinMin starts ‘Know Your Budget’ series

  • Know Your Budget fortnight series of the Finance Ministry in Twitter aims to increase the general awareness of the public regarding the budgetary process.
  • The Ministry has made tweets to explain the Union Budget and Vote on Account as:

Budget is the most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the government’s accounts for the next fiscal year called Budget estimates.

Vote on Account is explained as a grant made in advance by Parliament for expenditure for a part of the next financial year. Since the Parliament elections are due, the government would be presenting interim Budget. The Budget for the financial year 2019-20 would be presented by the new government.

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