BANKING AFFAIRS

Detailed explanation-1: -Notes: As per rules, government has to get all money bills related to the union budget passed within 75 days of the presentation of the budget.

Detailed explanation-2: -Parliament has to pass the Finance Bill within 75 days of its introduction. No expenditure in excess of the sums authorized by Parliament can be incurred without the sanction of Parliament.

Detailed explanation-3: -This year also by the Minister of Finance the budget 2023 will be released. The union budget 2023 will be presented by our finance minister Nirmala Sitaraman. The budget will be presented in parliament like every year on 1 February 2023.

Detailed explanation-4: -In case of failure of Annual Budget, it is same as losing of confidence of Parliament for the government and under such scenario; Prime Minister will submit the resignation of Council of Ministers.

Detailed explanation-5: -It is presented by means of the Finance bill and the Appropriation bill has to be passed by Lok Sabha before it can come into effect on 1 April, the start of India’s financial year. An interim budget is not the same as a ‘Vote on Account’.