Besides, Article 114 (3) of the Constitution specifies that no amount can be withdrawn from the Consolidated Fund without the enactment of a law i.e appropriation bill. Even though the government receives finances through various means, it needs approval from the legislature to spend the money in various heads.Īrticle 266 of the Constitution of India mandates that Parliamentary approval is required to draw money from the Consolidated Fund of India. The underlying principle of presenting a budget is to ascertain the legislative approval on the annual expenditure made by the executive led by the incumbent government. The government needs money for its functioning. But what is the difference between an interim budget and full budget? Let’s find out. Yesterday, the Finance Ministry clarified that the finance minister will be presenting an interim budget in Lok Sabha on February 1, not a full budget. For the last several weeks, speculation was going on in media that Modi government is considering a full budget in the budget session of parliament that started today, instead of an interim budget.
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