What Is Interim Budget And Vote On Account: Explained | NDTV Profit - video Dailymotion

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#Budget2024 is an interim budget. What does it mean and what is vote on account?   Mallica Mishra explains.   Stay tuned to NDTV Profit for #Budget2024 coverage: https://bit.ly/3Sn7gay

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00:00 What is an interim budget and vote on account?

00:02 In an election year, the elected government is responsible to come up with the union budget for that financial year.

00:08 However, until elections happen and the new government is formed,

00:12 the current government comes up with a temporary financial plan which is referred to as the interim budget.

00:17 Because the current government's union budget is valid only until the end of the fiscal year, which is March 31st.

00:24 So to meet the financial needs of the country until the new government is formed,

00:28 an interim budget is presented.

00:30 Nirmala Sitharaman, the Finance Minister of India will be presenting the interim budget on the 1st of February.

00:36 Now, a vote on account is a formal permission from the Parliament to spend money for short-term requirements

00:41 from the Consolidated Fund of India.

00:43 Now, the Consolidated Fund of India deserves all the revenue generated by the central government

00:48 in terms of interest on loans, taxes and portion of state taxes.

00:53 And money from this fund cannot be withdrawn until it has been appropriated by the law.

00:58 Therefore, vote on account is the permission procedure to do just that.

01:02 [END]

What Is Interim Budget And Vote On Account: Explained | NDTV Profit

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