Unless there is anything repugnant in the subject or context, the terms defined in this chapter are used in the Manual in the sense here explained. Words and phrases used in the Manual which are defined in the Constitution of India or in the rules and orders framed under the Constitution bear the meanings assigned to them in those definitions:-
(1) Accounts or actuals of a year are the amounts of receipts and disbursements for the financial year beginning on April 1st and ending on March 31st following, as finally recorded in the Accountant-General’s books.
(2) Administrative approval of a scheme, proposal or work is the formal acceptance thereof by the competent authority for the purpose of incurring expenditure thereon as and when funds permit.
(3) Annual Financial Statement or Budget means the statement of the estimated receipts and expenditure of the State for each financial year to be laid before the Legislature as per Article 202 of the Constitution of India.
(4) Annual Fiscal Frame Work – will be prepared for ensuing financial year taking into account the actual budget performance of the current fiscal year and also keeping in view the fiscal performance of the last financial year.
(5) Appropriation means the amount authorized by the Legislature for expenditure under a major/minor/sub-head/detailed head or part of that amount placed at the disposal of a disbursing officer under a particular demand for grant (the word is also used in connection with the provision made in respect of charged expenditure).
(6) Appropriation Accounts are the Accounts prepared by the Comptroller and Auditor-General of India for each grant or appropriation in which is indicated
the amount of the Grant/Appropriation sanctioned and the amount spend under the Grant/Appropriation as a whole.
(7) Appropriation Act – Legislation passed in accordance with the article 204 of
the Constitution to provide for expenditure out of the Consolidated Fund of the State and “Appropriation Bill” means a Bill to provide for the appropriation out of the Consolidated Fund of the State of all moneys required to meet the voted as well as charged expenditure.
(8) (a) Budget, Basic Concept – A Budget is a pre-determined plan, a financial and / or quantitative statement prepared prior to a defined period of time of policy to be pursued during that period for the purpose of attaining a given objective.
Welcome to BUDGET MANUAL (Para 1-12) Test
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Relationship between Budget and Ways and Means – The Budget gives the estimates of receipts and disbursements for a whole financial year under various heads of accounts mentioned therein. Transactions throughout the year are not uniform, nor might the receipts and expenditure in a month or upto a period be proportional strictly to the budgeted figure for the whole year. The function of the ways and means wing is to keep a close watch over the daily cash balance of the State with the Reserve Bank of India, review the receipts and disbursements for each month under the major heads of receipts and expenditure and to initiate corrective measures not only to see that the need, if any, for taking temporary advances from the Reserve Bank of India to bridge the gap between inflow and outflow of cash, is kept below the maximum limit fixed by the Bank for such advances but also to see that the progress of receipts and expenditure under various heads of account from month to month is kept at a level which would ensure that the receipts and expenditure for that year as a whole is more or less close to the assumptions made in the budget.