Appropriation Bill

Appropriation is the process of setting aside the money for a particular purpose or expenditure. As per Article 114 of the constitution of India, no amount can be withdrawn from the consolidated fund of India without authorisation from the parliament of India or legislature of the states. Due to this, the parliament as well as […]

Annual Financial Statement

Annual Financial Statement is a documents presented to the Parliament in every financial year as a part of the Budget Process under Article 112 of the constitution of India.  This document comprises the receipts and expenditures of the government of current year, previous year and budget year in three separate parts viz. Consolidated Fund of […]

FRBM Act 2003

In 1980s, India saw a sharp deterioration of the fiscal situation, which ultimately culminated in the balance of payments crisis of 1991. Within a decade of economic liberalisation, the fiscal deficit and debt situation again seemed to head towards unsustainable levels around 2000. At that time, a need to institutionalize a new fiscal discipline framework. […]