Finance Minister Arun Jaitley is all set to present the Union Budget 2016 on Feb 29. As the budget day approaches, we collate the list of financial terminology (from A-Z) and related terms used in the budget speech that may help you understand the annual financial statement better.
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Annual Financial Statement: Commonly known as the Union Budget, it is a statement of receipts and expenditure of states for the financial year, presented to Parliament by the government. It is divided into three parts: Consolidated Fund, Contingency Fund and Public Account.
Appropriation Bill: This Bill serves as a sanction to the government to withdraw money from the Consolidated Fund to pay off expenses.
