Ministry of Finance starts ‘Know Your Budget’ on Twitter to educate general public about budgetary process

The Union Ministry of Finance has started ‘Know Your Budget’ fortnight series on its Twitter handle to educate general public about the budgetary process. The series would explain the importance of Union Budget and its making, and would continue for about a fortnight. In the first series of tweets, the Ministry explained the terms – Union Budget and Vote on Account. These are as follows: The Budget is the most comprehensive report of the government’s finances in which revenues from all sources and outlays for all activities are consolidated. The Budget also contains estimates of the government’s accounts for the next fiscal year called Budget estimates. The Vote on Account is defined as a grant made in advance by Parliament for expenditure for a part of the next financial year.