BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which of the following organisations/agencies is actively involved in drafting the Union Budget of India?

A	The Planning Commission
B	The Comptroller and Auditor General
C	Administrative staff of the Lok Sabha
D	Ministry of Finance

Explanation:

Detailed explanation-1: -The Indian Union Budget is prepared by the Ministry of Finance in consultation with Niti Aayog and other concerned ministries. Also, the Budget division of the department of economic affairs (DEA) in the finance ministry is the nodal body responsible for producing the Budget.

Detailed explanation-2: -Budget Division | Department of Economic Affairs | Ministry of Finance | Government of India.

Detailed explanation-3: -Now, the term is used for an annual financial statement of income and expenditure of a government. The budget is prepared by the Finance Minister with the assistance of number of advisors and bureaucrats. The Finance Minister seeks the view of the industry captains and economists prior to preparation.

Detailed explanation-4: -The General Budget is presented in Lok Sabha by the Minister of Finance, who makes a speech introducing the Budget and it is only in the concluding part of the speech that the proposals for fresh taxation or for variations in the existing taxes are disclosed.

There is 1 question to complete.