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Union Budget Glossary

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While reading or discussing Budget, you can come across several terms you might not be understanding. Here is an attempt by us to help you understand budget jargons.

Balance of Payment
The statement that shows the transaction of the country's trade and finance in terms of net outstanding receivable or payable from any other country with a certain period of time.

A legislative proposal draft is discussed and passed by both the houses of Parliament and then has to get an approval from the President and then finally it is a declared Act.

Contingency Fund
If and when in emergencies the Government at such times helps with funds which is not authorized by the Parliament because of urgent needs that may arise.

Consumer price index
It is a price index that features the rates of consumer goods

Capital budget
When a list of capital expenditure is planned and prepared annually it is termed Capital budget.

Custom Duty
It is the tax that is put on imports and tariffs.
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