presentation of Union Budget to the Parliament and the Budget for the state governments under
      President’s Rule and union territory administrations. The Directorate of Currency has the
      administrative control of the Security Printing and Minting Corporation of India Limited
      (SPMCIL), a wholly owned Government of India Corporation that manages Government of
      India mints, currency presses, security presses and security paper mill. In addition to formulating
      and executing policies and programmes relating to designs/security feature of bank notes and
      coins and issue of commemorative coins, the Directorate of Currency has also been mandated to
      conduct R and D activities in this area and indigenization of all materials required for production
      of bank notes and others security products.
      Relevant Website:
      Annual Budget
           The Union Budget (including the Rail Budget) is presented each year on the first working
      day of February by the Finance Minister of India in Parliament.
      Annual Financial Statement
           Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of
      the Government of India has to be laid before Parliament in respect of every financial year. This
      statement titled “Annual Financial Statement” is the main Budget document. The Annual
      Financial Statement shows the receipts and payments of government under the three parts in
      which government accounts are kept: (i) Consolidated Fund, (ii) Contingency Fund and (iii)
      Public Account. All revenues received by government, loans raised by it, and also its receipts
      from recoveries of loans granted by it, form the Consolidated Fund. All expenditure of
      government is incurred from the Consolidated Fund and no amount can be withdrawn from the
      Fund without authorisation from Parliament. Occasions may arise when government may have to
      meet urgent unforeseen expenditure pending authorisation from Parliament. The Contingency
      Fund is an imprest placed at the disposal of the President to incur such expenditure.
      Parliamentary approval for such expenditure and for withdrawal of an equivalent amount from
      the Consolidated Fund is subsequently obtained and the amount spent from Contingency Fund is
      subsequently recouped to the Fund. The corpus of the Fund authorised by the Parliament, at
      present, is ₹ 500 crore.
           Besides the normal receipts and expenditure of Government which relate to the
      Consolidated Fund, certain other transactions enter Government accounts, in respect of which,
      Government acts more as a banker, for example, transactions relating to provident funds, small
      savings collections and other deposits, etc. The moneys thus received are kept in the Public
      Account and the connected disbursements are also made therefrom. Parliamentary authorisation
      for such payments from the Public Account is, therefore, not required. In a few cases, a part of
      the revenue of Government is set apart in separate funds for expenditure on specific objects like
      road development, primary education including midday meal scheme, etc. These amounts are
      withdrawn from the Consolidated Fund with the approval of Parliament and kept in the Public
      Account for expenditure on the specific objects. The actual expenditure proposed on the specific
      objects is, also submitted for vote of Parliament.
           Under the Constitution, Budget has to distinguish expenditure on revenue account from
      other expenditure. Government Budget, therefore, comprises (i) Revenue Budget; and (ii) Capital