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    Budget Cycle Notes

    Uploaded by

    Snehdeep Kaur
    1. The budgetary cycle in India has three main processes: preparation and submission by the executive to parliament, enactment by parliament, and execution by the executive while being controlled by parliament. 2. The financial year runs from April 1 to March 31, aligned with the agricultural cycle as India's economy depends on agriculture. Budget estimates are based on predictions of monsoon rains and agricultural production between July and September. 3. Key aspects of the budgetary cycle include collecting revenue, maintaining custody of revenue, and properly disbursing expenditure as authorized by parliament through the finance act and appropriation acts.

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    Budget Cycle Notes

    Uploaded by

    Snehdeep Kaur
    27 views15 pages
    1. The budgetary cycle in India has three main processes: preparation and submission by the executive to parliament, enactment by parliament, and execution by the executive while being controlled by parliament. 2. The financial year runs from April 1 to March 31, aligned with the agricultural cycle as India's economy depends on agriculture. Budget estimates are based on predictions of monsoon rains and agricultural production between July and September. 3. Key aspects of the budgetary cycle include collecting revenue, maintaining custody of revenue, and properly disbursing expenditure as authorized by parliament through the finance act and appropriation acts.

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    1. The budgetary cycle in India has three main processes: preparation and submission by the executive to parliament, enactment by parliament, and execution by the executive while being controlled by parliament. 2. The financial year runs from April 1 to March 31, aligned with the agricultural cycle as India's economy depends on agriculture. Budget estimates are based on predictions of monsoon rains and agricultural production between July and September. 3. Key aspects of the budgetary cycle include collecting revenue, maintaining custody of revenue, and properly disbursing expenditure as authorized by parliament through the finance act and appropriation acts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    27 views15 pages

    Budget Cycle Notes

    Uploaded by

    Snehdeep Kaur
    1. The budgetary cycle in India has three main processes: preparation and submission by the executive to parliament, enactment by parliament, and execution by the executive while being controlled by parliament. 2. The financial year runs from April 1 to March 31, aligned with the agricultural cycle as India's economy depends on agriculture. Budget estimates are based on predictions of monsoon rains and agricultural production between July and September. 3. Key aspects of the budgetary cycle include collecting revenue, maintaining custody of revenue, and properly disbursing expenditure as authorized by parliament through the finance act and appropriation acts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 15

    I BAGETARY

    CYCLE

    ↳ Processes -
    1 .

    Preparation / Submission -
    Executive

    .
    2 Enactment-Parliament
    .
    3 Execution -
    Executive
    Control-Parliament
    ↳ .

    Parliamentary
    Constitu Financial
    Annual
    Budget
    =
    -
    Statement

    Financial Year >


    ->
    1"Apail-31 March

    ↳
    India-agr .

    economy country
    age-dependent on Sh monsoon

    &
    by July-Sept starts
    and
    likely agr produc
    can be

    estimated and other activities are

    also based on
    agr.
    Thus , this leads to better revenue

    estimate .

    .
    1 Preparation & Submission

    Executive + Fin
    Ministry + Niti
    Aayog /CAG (other inst)
    ·
    .

    ·
    formal process
    of budget prepara 56 maths -

    before financial year (by October)

    Finance Min + send circulars to all


    depts to prepare
    estimates
    Actuals previous year
    by the
    -

    of of expenditur
    accountant -Current
    ->
    - year
    Estimates the next
    he categ for
    -

    orises
    year
    into
    them
    these 3
    heads
    Executio
    .
    3

    of revenue as authorised
    by finance
    a
    At

    2 .

    Spending money on schemes approved by the Parl

    is whole in the
    granted to the
    gort
    as
    money
    a

    Prez
    name
    of

    cons

    .
    1
    Proper Collec of Remnue
    .
    2
    Proper Custody of Revenue
    .
    3
    Proper Disbursement of Revenue
    .
    4
    Accounting
    Auditing
    5
    .

    2 Collection Revenue
    of task
    of revenue depts
    .
    -
    .

    Centre -
    170 + Custom & Excise

    Revenue /Insurance Finance


    dept of
    -

    ↳ exercises
    - -
    colin the
    Ministry
    control & supervision over these
    thre Central Board Direct Indirect Taxes
    agencies of
    +

    .
    2 +3 .

    Custody of Revenue + Disbursement

    ↳ RBI ,
    SBI ,
    Nationalized Commercial Banks,
    network treasuries
    of

    .
    4
    Accounting-secretary /ministry
    in
    dept .

    - -

    ↳
    controlling office/chief acc .

    Office
    He is Financial Advisor attached
    assisted
    by Integrated
    to the dept/ who is apputd by finance Ministry
    ministe
    .
    1 Taxes & Revenue Receipts (Appropriations
    ↳ This control exercised thre Enactment
    stage
    >
    -

    Executive collect spend the


    money only
    can

    there Parl authorisa" >


    -
    passes the Appropriat
    + Finance Act
    -

    funds that have sanctioned Pare


    been
    Def for X

    shld be used that


    for only

    .
    2 Expenditure
    ↳
    Parliamentary Committees (Execution
    Stage)
    Mic Exp is
    for that
    only
    ↳ . +
    proposed spent
    ·
    Public Accounts
    ·
    Estimates
    ·
    PSUs

    - all committee
    party
    ·

    ~
    examine appropriat accounts

    ministries
    randomly picks up of few
    >
    -
    als

    There examina
    At END recommenda in
    the
    formulates
    +

    submitted Pare
    to
    report
    a

    Criticisms
    Ideal col
    ? of policies execution
    only
    · -

    ↳
    only post-mortem work
    after expenditure
    -

    sauting
    ·

    only
    recommenda-no
    obliga f
    this can still act as a

    deterrent
    SUGGESTIONS

    .
    1
    Budget Proposals need to be
    supported by
    Periodic

    Reports on
    Performance
    Tech
    .
    2
    Effective use
    of .
    Info .

    .
    3 Dept Standing Committee need Research Institut
    .

    support for effective scrutiny of budget proposals

    4 Media participa in delibera committees


    of
    .

    .
    3
    Timely Response +
    Complete Action on
    report of
    CAG

    & Revitalise
    help to
    Parliamentary Control .

    Role of finance
    Ministry
    ↳ internal control on
    budget
    Three division
    Budget
    In each
    ministry fin ministry member
    ·

    'Integrated Financial Advisor ↳

    Pre-Budget >
    -
    scrutiny ,
    ar
    of funds
    Post-Budget
    ·

    somethings
    ↳ that have been overlooked can be

    Scentivized
    afterwards

    finance crucial role in socio-eco dept Of country


    -
    .

    (c + S)
    Ministry
    ↳ sound
    Of finances
    admin .

    Centre
    ↳
    mobilise USCs + state

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