FM gets Prez pat for finishing Budget process by March 31

Finance Minister Arun Jaitley on Sunday received a pat from President Pranab Mukherjee for completing the budget exercise by March 31 and not seeking a the Vote on Account, which happened for the first time in many years.

"I congratulate the Finance Minister for completing the budgetary exercise and seeking the approval of both Houses of Parliament, all the expenditure proposals, and all matters relating to the Finance Bill within March 31," Mukherjee said.

"And after many years, I do not remember of after how many years, no Vote on Account was taken this particular year," the President said.

The Vote on Account is an interim arrangement under which approval of Parliament is obtained to withdraw money from the consolidated fund when the budget for new financial year is not passed.

The President was speaking after the mega draw of Lucky Grahak Yojana and Digi Dhan Vyapar Yojana at the Rashtrapati Bhavan.

Prime Minister Narendra Modi-led government this year advanced the budget presentation to February 1 from the traditional presentation date of February 28 or the last working day of the month. The move was aimed at helping the government begin the investment cycle right from the first day of the new financial year, April 1.

The nearly century-long practice of having a separate railway budget was also ended and it was merged with the General Budget.