16-12-2017, 04:18 PM
Vote on Account (Article-116)
*Introduction and passage of the budget is a time consuming process.
*Constitution says that no money shall be withdrawn from the consolidated fund of India before the Appropriation Act is passed.
*But the government needs money for its day-to-day administration till the budget is passed.
*Thus under Article 116 of the constitution, the Lok Sabha can grant a limited sum of money from the consolidated fund of India for the expenditure of the government till the Appropriation Act is passed.
*It is given generally for two months and an amount equivalent to one - sixth of the total demands for grants.
*All the revenues collected, loans raised and the income generated by the Govt, of India shall be kept under consolidated fund.
*Contingency fund is a fund for emergencies or unexpected economic crises.
Kerala Budget
*The first budget of Kerala was presented by C. Achutha Menon, the first finance minister of Kerala on 7th June 1957.
*K.M. Mani holds the record of having presented maximum number of budgets (13 Budgets)
*Dr. T.M. Thomas Issac overcame the record of budget speech in longest.
*The shortest budget speech was that of E.K. Nayanar on 3rd March 1987 (six minutes).
*K.M. Mani Centre for Budget Studies was started at Cochin University of Science and Technology.
*It was inaugurated by Hamid Ansari on 17th February 2013.
*Dr. T.M. Thomas Issac holds the record for the longest budget speech (2 hours 56 minutes) Oommen Chandy (2 hours 54 minutes)
Stages of Enacting the Budget
(1)Presentation of the budget
(2)General discussion
(3)Voting on demands
(4)Passing of appropriation bill
(5)Passing of finance bill
*Public account consists of all the revenues and deposits of government account.
*The first Budget of the Republic of India was presented by John Mathai on 28th February 1950.
*First Finance Minister to present a budget in the Lok Sabha is C.D. Deshmukh 1952.
*The first budget in India was presented by James Wilson in 1860 during the viceroyalty of Lord Canning
*P.C. Mahalanobis is called as the father of Indian Budget.
*The only woman to hold the post of finance minister of India
Ans:Indira Gandhi
*The first prime minister to present the budget during the finance ministership
Ans:Jawaharlal Nehru
*The Budget of 1973-74 is known as ‘Black budget’ due to budget deficit.
QUESTION HOUR
*The first hour of every parliamentary sitting is known as question hour. During this time members ask questions and the Ministers usually give answers.
*There are three types of questions
1.Starred Question
It requires an oral answer and hence supplementary questions can be asked. It is distinguished by an asterik.
*Only 20 questions can be listed for oral answer in a day.
*One member can ask only one starred question in a day.
2.Unstarred question
It requires a written answer and hence supplementary questions cannot be asked.
3.Short Notice Question
It is asked by giving a notice less than ten days. It is answered Orally.
