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The Lok Sabha on Monday guillotined all demands for grants related with FY2021-22. The House also approved Appropriation Bill. With this one, more process of Union Budget has been completed.
Now, the Lok Sabha is expected to take Finance Bill for consideration and passage next week. This Bill has all the provisions prescribing changes in the tax laws. As, the government has already indicated that current session of Parliament likely by March 25, its effort is to complete the entire Budget exercise by that data, so that it could be implemented from April 1.
Demand for grants is the form in which estimates of expenditure from the Consolidated Fund, included in the annual financial statement and required to be voted upon in the Lok Sabha, are submitted in pursuance of Article 113 of the Constitution. There are 101 demands for grants related with various Central Ministries and Departments.
Enactment of Appropriation Bill allows the government to withdraw money from the Consolidated Fund of India. Once the Rajya Sabha returns the Appropriation Bill, it will be sent to the President for assent and then it will become law.
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