Govt to present Vote on Account by February 15

The Union Budget,which consists of tax and policy proposals along with a statement of government finances,is traditionally presented on February 28.

A Vote on Account,on the other hand,is merely a statement of government expenditure and revenue that is presented before Parliament.

A full Budget for 2014-15 will be presented later this year,around July by a new government after the General Elections later this year.

Sources said while fresh proposals are unlikely to be included in the interim Budget,the government may choose to use the opportunity to highlight its policy measures over the past five years.

Meanwhile,the finance ministry on Wednesday also invited proposals from government ministries and departments for the third supplementary demand for grants,which would be tabled along with the Vote on Account.

However,concerned about its fiscal health,North Block has warned that the fresh proposals should not breach the expenditure ceiling of the revised estimates. Further,the demand should be sought for the minimum necessary amount after a thorough assessment of additional funds.

We expect to receive the proposals for Supplementary Demands8230; latest by January 10,2014, said a circular from the budget division of the Union finance ministry.

The government had sought Rs 7,500 crore and Rs 18,597 crore as the first and second supplementary demand for grants earlier during this fiscal.