#KNOWURBUDGET Article 112 asks the GoI to lay before the parliament a statement of receipts and expenditure in respect of every financial year (1st April to 31st March). This statement is called the Union Budget or more appropriately ANNUAL FINANCIAL STATEMENT. It shows receipts and payments under 1. Consolidated Fund of India, parliament authorizes expenditure out of it. 2. Contingency fund-placed with the President to meet unforeseen expenditure as authorization fm the Parliament takes time. The fund has Limit of Rs 500 crore. 3. Public Account-The transactions which actually do not belong to GoI but it acts as a bank for the same, for eg- provident funds, small saving collections etc. Parliamentary authorization thus is not required. The budget comprises Revenue budget and Capital budget-the distinction being that the former r recurrent and the latter r non recurrent flows. Demand4Grants The estimates of expenditure from the Consolidated fund included in the budget r required to be voted by the LS. So they r put forfard before the house in the form of Demand4Grants. Each ministry has at least one D4G. However, the Lok Sabha has evolved the mechanism of DRSCs (Departmentally Related Standing Committees) as most D4G CANNOT BE DISCUSSED FOR LACK OF TIME. Tis is called D4Gs getting guillotined. This is in a way institutionalization of parliamentary financial control. First DRSTc were formed in 1993 (17 in number). Now there r 24 of them. Each DRST has a 1 year term with a membership of 45 (30 nominated by speaker from LS, 15 by Chairman from RS). DRSCs also examines bills of related ministries, consider their annual reports and also consider such long term policy documents as are referred to them either by the speaker or the chairman.
Posted on: Fri, 12 Sep 2014 11:35:07 +0000
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