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.
All Budget related articles
In exercise of financial powers, the sanctioning authority must pay due regard to the following principles:
- 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
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
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.
- 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.
- 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.
- 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.
- 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.