Lok Sabha today passed a bill allowing the central government to withdraw Rs 66.07 lakh crore from the consolidated fund to meet its expenditure during 2016-17, thus completing the second phase of the budgetary exercise.
The House approved the Appropriation Bill, 2016, after the demands for grants for several ministries were collectively put to vote and passed by applying guillotine. The Bill, moved by Minister of State for Finance Jayant Sinha, was passed by a voice vote.
The Minister is scheduled to move the Finance Bill 2016, containing tax proposals of the government for the fiscal, for passage in the Lower House tomorrow.
The budgetary exercise for 2016-17 will be completed with the passage of the Finance Bill by Parliament. After its passage in the Lok Sabha, it will go to the Rajya Sabha.
The government intends to complete the budgetary exercise within this week in Lok Sabha, with Finance Minister Arun Jaitley set to reply to the debate on the Finance Bill on Thursday after his return from Germany.
Jaitley is scheduled to leave for Frankfurt tonight to attend the annual general meeting of the Asian Development Bank (ADB).
The Lok Sabha had earlier discussed the demands for grants of ministries of Skill Development and Entrepreneurship, Social Justice and Empowerment, Development of North Eastern Region (DONER), Civil Aviation and Tourism and Housing and Urban Poverty Alleviation.
The first phase of the budgetary process was completed after Parliament passed the vote-on-account in March.