With the elections around the corner, the government will not be presenting a full Budget this year. Instead, acting Finance Minister Pranab Mukherjee will present an interim Budget on February 16. He will then present a 'vote-on-account,' which will allow the country's financial business to be transacted until the next government is in place.
So what is a vote-on-account?
In a nutshell, it is a finance minister's statement to seek Parliament's approval of the obligatory expenditure that the government has to incur for the first three or four months of a financial year.
Apart from this, there are also the revised estimates of the expenditure incurred by the government during the financial year that is coming to an end. These estimates provide an assessment of how efficiently the government has spent its resources. There are also the revised estimates of government revenue from different sources.
A vote-on-account gives one an idea of the effectiveness of the policies to mobilise tax and non-tax revenues. Click here to find out more about vote-on-account. . .
Text: Rediff Business Desk
Image: Acting Finance Minister Pranab Mukherjee will present the vote-on-account in Parliament. | Photograph: Kamal Singh/PTI file photograph
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