India New Budget 2014, 2013, 2012, 2011 highlights,Speech and expectations.

                India Budget

The Union Budget of India also called the general India budget is presented each year on the last working day of February. The budget is presented by the Finance Minister of India in Parliament. Budget is most economic event in the country which outlines all the economic planning of the Government of India for the next year. It is not only important for corporates but for individuals from all sections of the society.

Origin and History

The first general budget of India was presented by the India's first Finance Minister Sir R.K. Shanmugham Chetty on November 26, 1947. Since then, 28 Union Finance Ministers have been presenting the budget every year. Initially, much attention was given to the agricultural sector but as later on, the focus shifted to the other sectors including the industrial, financial and other sectors.

Passing of Budget

The annual India budget has to be passed by the House of the parliament before it can come into effect on April 1, the start of India's financial year. The Indian parliament has one month to review and modify the government's budget proposals. If by April 1, the parliamentary discussion of the budget has not been completed, the budget as proposed by the minister of finance goes into effect and subject to retroactive modifications after the parliamentary review.

State Level Budget

Each state government maintains its own budget, prepared by the state's minister of finance in consultation with appropriate officials of the central government. Primary control over state finances rests with the state legislature in the same manner as at the central government level. State finances are supervised by the central government, however, through the Comptroller and the Auditor General of India; the latter reviews State Government accounts annually and reports the findings to the appropriate state governor for submission to the State's Legislature. The Central and State Budgets consist of a budget for current expenditures, known as the budget on revenue account, and a capital budget for economic and social development expenditures.

Separate Budget for Railway and Postal Department

The Indian Railways, the largest Public-Sector Enterprise, and the Posts and Telegraph Departments have their own budgets, funds, and accounts. The appropriations and disbursements under their budgets are subject to the same form of parliamentary and audit control as other government revenues and expenditures.

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      What is New?
      Date: 15-04-2014
      DGFT Public Notice No.58/(RE 2013)/2009-14
      Amendment in the date of effect for implementation of Self-certification regarding compliance of bar-coding requirements on secondary and tertiary level packaging on export consignment of pharmaceuticals and drugs.

      Date: 15-04-2014
      Customs Notification No 31/2014 (NT)
      Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

      Date: 11-04-2014
      Customs Notification No. 15/2014-Customs (ADD
      Seeks to levy provisional anti-dumping duty on imports of cast aluminium alloy wheels or alloy road wheels used in motor vehicles when imported into India from People’s Republic of China, Korea RP and Thailand for a period of 6 months

      Date: 10-04-2014
      RBI/2013-14/560 A.P. (DIR Series) Circular No.121
      External Commercial Borrowing (ECB) Policy – Review of all-in-cost ceiling

      Date: 10-04-2014
      RBI/2013-14/561 A.P. (DIR Series) Circular No.122
      Trade Credits for Imports into India – Review of all-in-cost ceiling

      Date: 10-04-2014
      RBI/2013-14/559 A.P. (DIR Series) Circular No.120
      Rupee Drawing Arrangement – ‘Direct to Account’ Facility

      Date: 09-04-2014
      DGFT Public Notice No.57/(RE 2013)/2009-14
      Procedure for export of pulses to Republic of Maldives

      Date: 07-04-2014
      Manual filing and processing of Bills of Entry / Shipping Bills – stringent checks required to prevent misuse

      Date: 07-04-2014
      RBI/2013-14/556 A.P. (DIR Series) Circular No.118
      Foreign investment in India in Government Securities

      Date: 07-04-2014
      RBI/2013-14/557 A.P. (DIR Series) Circular No. 119
      Risk Management & Inter-Bank Dealings: Booking of Forward Contracts - Liberalisation

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