CURRENT AFFAIRS

Detailed explanation-1: -The Union Finance Ministry has agreed to contribute partially to a new dedicated railway safety fund named as ‘Rashtriya Rail Sanraksha Kosh’ in the upcoming Union Budget 2017-18. The Railway Ministry had requested the Union Finance Ministry to create ‘Rashtriya Rail Sanraksha Kosh’, a ‘non-lapsable’ safety fund of Rs.

Detailed explanation-2: -It was presented before the parliament on 1 February 2017 by the Finance Minister of India, Arun Jaitley with 21.47 lakh crore rupees (US$336.39 billion) budget size.

Detailed explanation-3: -Budget Estimates 2017-18 Revenue receipts comprise of Rs 12.27 lakh crore (US$ 181 billion) of tax revenues and Rs 2.88 lakh crore (US$ 42.7 billion) of non-tax revenues. Total expenditure estimated at Rs 21.47 lakh crore (US$ 317 billion), an increase of 6.57 per cent over previous year.

Detailed explanation-4: -Arun Jaitley makes history with his 2017 Budget From presenting the Budget on February 1 to breaking a 92-year-old tradition by merging Railway Budget, this year’s Union Budget will leave a mark among the public for a long time.

Detailed explanation-5: -In 2017, the Railway Budget was merged with the Union Budget, ending a practice that began in 1924 under the British. A Niti Aayog commission submitted a white paper recommendation to do away with the practice. The recommendation was submitted to then Railway Minister Suresh Prabhu.