BANKING AFFAIRS

Detailed explanation-1: -"These emoluments are proposed to be revised to Rs 5 lakh for the President, Rs 4 lakh for the Vice President and to Rs 3.5 lakh per month for the Governors, ” he said, amidst thumping of desk by the members in the Lok Sabha.

Detailed explanation-2: -The Union Budget has estimated gross tax revenue to grow by 16.7 per cent in 2018-19 to 12.1 per cent of GDP (Annex IV). Net of devolution of tax revenues to States, net tax revenue is budgeted to grow by 16.6 per cent to 7.9 per cent of GDP.

Detailed explanation-3: -The monthly salary of the President has been revised to Rs 5 lakh, vice president Rs 4 lakh and governors Rs 3.5 lakh, Jaitley said in the budget speech. Their previous salaries were Rs 1.5 lakh, Rs 1.25 lakh and Rs 1.1 lakh respectively.

Detailed explanation-4: -Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament. Government says, a series of structural reforms will propel India among the fastest growing economies of the world.

Detailed explanation-5: -At the end of fiscal year 2018, the budgeted estimate of revenue expenditure on non-developmental expenses of India’s central and state governments amounted to more than 22 trillion Indian rupees and developmental expenses amounted to approximately 19 trillion rupees.