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Interim Railway Budget 2014-15

1. Madam Speaker, I rise to present before this august House the Revised Estimates for 2013-14 and the Estimated Receipts and Expenditure for 2014-15.

Cannons of Financial Propriety

In exercise of financial powers, the sanctioning authority must pay due regard to the following principles:

Audit in Indian Railways

  • Audit is a constitutional function (Articles 149-151).
  • The authority empowered to spend public money is answerable to the Parliament.
  • A check is needed to ensure proper utilization of the fund to ensure that it serves the purpose. This check is known as Audit.
  • Railways Audit was separated from Accts in 1929.  
  • Scope and extent of Audit is determined by C&AG.

Functions of Audit

Annual Budget Estimates and Works Programme

 

Annual Budget Estimates

Annual Budget estimates are prepared by individual Railway administrations for the following items, figures shown in thousands of Rupees:

  • (a)  Earnings Estimates;
  • (b)  Revenue Budget (Demand 3 to 13)
  • (c)  Capital Budget (Demand 16)

Capital Budget (Demand 16)includes

Railway Budget Contents and terms

Elements of Railway Budget

The budget consists of

  • A review of the preceding year Including the actual receipts and expenditure.
  • An estimate of receipts and expenditure of the coming year.
  • Proposals if any for meeting the requirements of the coming year.

Gross Receipts

Railway Budget 2012-13 Highlights

  • Nominal hike in  train fares across all classes.
  • Hike will be from two paisa/km to 30 paisa/km.
  • Express train fare up by 5 paisa per km, 10 paisa per km for AC chair-car, 10 paisa per km for AC 3-tier, 15 paisa per km for 2-tier AC and 30 paisa per km for AC 1st class.
  • Platform tickets will cost Rs 5.

Railway Budget proposals for Welfare of employee

Budget 2011-12

  • Medical facilities extended to dependant parents of Railway employees.
  • Scholarship for girl child of Group D railway employees increased to Rs.1200 per month.
  • 20 additional hostels for children of Railway employees.

Budget 2010-11

Railway Budget

  • Article 112(1) provides that the President shall, in respect of every financial year cause to be laid on the table of both the Houses of the Parliament a statement of estimated annual receipts and expenditure. This is called Annual Budget.
  • Railway Budget was separated from General Budget in 1924.
  • The responsibility for the compilation of accounts for the Railways was taken over by the Financial Commissioner, Railways from the Auditor General from 1 April 1929.

General Budget 2011-12 Highlights

- Budget aims at "transition towards transparent economy"

- Tax Exemptiom limit raised from Rs1.6 lakh to Rs 1.8 lakh.

No new tax exemption limit for women

- Exemption for investment in infra debt funds for another year.

- No difference in lower limit for women employees(Last year limit of  1.9 Lakh continues).

- Additional Rs.20000 will be tax free for investment in Infrastructure bonds.

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