Sep 13, 2016

Cabinet Note soon for Merger of Railway Budget


cabinet-note-on-railway-budget

New Delhi: The Finance Ministry will shortly circulate a Cabinet note to merge the railway budget with the Union Budget, advance presentation by a month and doing away with Plan and non-Plan expenditure head in the Budget.

The draft note will be floated for inter-ministerial discussion before it is tabled before the Cabinet, which is likely to take up these issues towards the end of this month, sources said.
If the Cabinet agrees to the finance ministry’s proposal, the Budget will be presented in January instead of the last working day of February.

The ministry also seeks to end distinction between Plan and non-Plan expenditure and replace it with capital and revenue expenditure.

The finance ministry is seeking approval for these three proposals with an intention to get them implemented in the Budget for 2017-18, the sources said.

There is no specific date mentioned in the Constitution for presenting the Union Budget. The Narendra Modi government is planning to present it in the last week of January so that the entire process can be wrapped up by March. The new financial year starts from April 1.

Besides, Railway Minister Suresh Prabhu has favoured scrapping the practice of having a separate railway budget.

He wants it to be merged with the general Budget like it happens in all other ministries, including the all-crucial Defence.

Considered a British legacy, India follows accounting period from April to March, in line with the Gregorian calendar of accounting.

The government has constituted a committee headed by former Chief Economic Advisor Shankar Acharya to study the feasibility of adopting a new financial year. The panel is slated to submit its report by December 31, 2016.

Previously, the L K Jha Committee, appointed in May 1984 to look into the matter, had recommended switching over to the calendar year, but the government did not accept the recommendation, saying it would cause large-scale problems as most Indian companies follow the April-March cycle.

As the financial year begins on April 1, the government in March takes Parliament’s approval for Vote-on-Account for a sum of money sufficient to meet expenditure on various items for the next 2-3 months till the full Budget is passed. The Demands and Appropriation Bill entailing full-year expenditure as well as tax changes is then passed in April-May.

 

NEXT POST

EMPLOYEE NEWS CENTER

READ MORE -

Rail News - Public service (4204) Rail News - Public service (3644) Rail News - Rail Employee (2329) News - General (400) DIVISION - JABALPUR (357) Rail News - Rail Development (321) News - Spl Train (265) Rail News - Job - Career (207) DIVISION - BHOPAL (204) Rail news - Metro (195) Rail News - Circulars (142) DIVISION - HUBLI (133) DIVISION - MORADABAD (122) Office Order (105) DIVISION - ALLAHABAD (94) World Rail News (85) Rail news - Public Alert (80) News - Loco Pilot (77) Rail News - Rail Budget (69) HIGH SPEED RAIL (68) Rail News - 7th Pay Commission (67) Rail News - New Train (63) Improvement in Facilities (58) Rail News - Railway Safety (58) Accidents (55) Rail Development (55) Rail news - World Rail (49) Rail News - Tourism (39) Public Interest (37) Award (35) News- Railway Exam Result (35) Rail News - Freight Services (35) DIVISION - Delhi (34) Rail News - Sports (33) Trade Union (33) Bonus (PLB) (30) PIB (29) Bullet train (28) News - Railway Employee (28) new line (26) IRCTC (25) News - Dearness Allowance (24) Station Master (24) TATKAL TICKET (22) RPF / RPSF (21) Railway News - Metro (21) Complaint and Suggestions (20) Mumbai local (19) News - Job - Career (19) Rail News - Security (19) Railway Pensioners (19) News - Catering (18) Rail News - Special Train (18) Railway time table (17) News - New Tech (16) Circulars - Govt of India (15) Scam (15) ‘Premium’ Special Trains (15) Know About (14) Rail News - Railway Revenue (14) Rail news - Employment Notification (14) Railway News - Delhi Metro (14) Catering Related Complaints (13) Railway Joke (13) Freight Corridor (12) Railway Board (12) DIVISION - RAIPUR (11) Dedicated Freight Corridors (11) Indian Railway History (11) Rail News - Security (11) AISMA (9) News - Exam Result (9) Passenger Amenities (9) Rail News - New Rail Line (9) Railway pass (9) Budget (8) DIVISION - Ambala (8) Employee News (8) INCOME TAX (8) PHOTO (8) Premium Air-Conditioned (8) World Rail - China (8) fares hikes (8) semi-high speed (8) Central Railway (7) Night Duty Allowance (7) Rail Accidents (7) Rail budget (7) online tickets (7) International Railway (6) Mono Rail (6) Mumbai Metro (6) News - Budget (6) Public Grievances (6) Rail Fares (6) Railway Safety (6) Ticket Booking (6) World Rail - Japan (6) Zone - Western Railway (6) extra coaches (6) guard (6) Always Important (5) Children Education Allowance (5) Drinking Water (5) HELP (5) Holiday Trains (5) IRCON (5) LOCOMOTIVE (5) Rail History (5) Rail News - Business (5) Train Cancellation (5) booking counters (5) hi-tech (5) macp (5) AIR - RAIL (4) Coaches (4) Food plazas (4) IMPORTANT RULE (4) Mumbai (4) News - Railway Rule (4) RAIL TEL (4) Rail Neer (4) Rail News - Rules (4) Railway Minister (4) World Rail - Pakistan (4) Zone - South Central Railway (4) e-ticket booking (4) escalators (4) Booking - Parcel (3) CCTV (3) DOUBLE DECKER TRAIN (3) Electrification (3) Konkan railway (3) Leave Rule (3) Medical Allowance (3) Member Engineering (3) Modal Question Paper (3) News - Rail Road (3) News- Railway Exam (3) PASS (3) Question Bank (3) Rail News - China (3) Rail fare hike (3) Suvidha Train (3) TRANSFER POLICY (3) VAISHNO DEVI (3) new pension scheme (3) reservation (3) tatkal ticket (3) Booking - Luggage (2) D & A RULE (2) Extension of train services (2) Khumbn Mela (2) LDCE (2) MATHERAN (2) MOBILE APPS (2) Minister of State for Railways (2) National Rail Museum (2) News -World Film (2) OROP (2) Passenger Reservation System (2) Police help desk (2) Provident Fund interest (2) Rail News - Goods Train (2) Railway Protection Force (2) Railway Proud (2) Railway Stations (2) Retiring Rooms (2) Revenue earnings (2) South Eastern Railway (2) Zone - East Central Railway (2) Zone - N E RLY (2) Zone - Northern Railway (2) Zone - Southern Railway (2) railway station (2) ALER (1) Air Travel (1) DIVISION - CENTRAL RAILWAY (1) DIVISION - MADURAI (1) DIVISION - VIJAYWADA (1) Directory (1) Division - Rangia (1) FOOT OVER BRIDGE (1) FORMS (1) Government Railway Police (1) House Rent Allowance (1) Interesting Facts (1) JAIPUR (1) LARGESS (1) LONDON (1) Lifeline Express (1) MST (1) Measures Against Fire (1) Medical Care (1) Ministry of Railway (1) News - TV (1) Passenger Security (1) RDSO (1) Rail - Roko (1) Rail Bridges (1) Rail News - Privatization (1) Rail News - Bengali (1) Rail News - Consumer Forum (1) Rail Tariff (1) Rail Tenders (1) Rail e-tickets (1) Railway Act (1) Railway Quarter (1) Railway Week (1) Rath Yatra (1) Road over Bridges work (1) SCRA (1) SKY BUS (1) Sainagar Shirdi (1) Suburban trains (1) Swadeshi (1) TRAVELLING ALLOWANCE (1) Ticket Examiner Staff (1) Track Man (1) WhatsApp (1) World Rail - New York (1) World Rail - Russia (1) World Rail - USA (1) World Rail - Washington (1) Zone - E RLY (1) Zone - N C RLY (1) Zone - North Western Railway (1) Zone - Northeast Frontier Railway (1) Zone - S E Railway (1) fire-fighting equipment (1) mobile ticket booking (1) smart card (1) wagon factories (1)

7th Pay Commission & Employee News Center

Followers