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BUDGET GLOSSARY

Appropriation Bill
A Bill presented to Parliament for approval providing for the withdrawal or appropriation by the government from and out of the Consolidated Fund of India .

Bank credit
It includes loans, cash credit and overdrafts, and inland bills and foreign bills purchased and discounted. Bills exclude those rediscounted .

Budget estimates
The estimates of government spending on various sectors during the year, together with an estimate of the income in the form of tax revenues, form the Budget estimates.

Balance of Payment
Statement showing the country's trade and financial transactions (all economic transactions) in terms of net outstanding receivable or payable from other countries with the rest of the world for a period of time.

Bill
The draft of a legislative proposal which, when passed by both the Houses of Parliament and assented to by the President, becomes an Act.

Budget Deficit
It is part of the fiscal deficit. It represents the borrowing requirement of the center.

Consolidated Fund
All revenues received by Government, the loans raised by it, and receipts from recoveries of loans granted by it, form the Consolidated Fund.

Contingency Fund
Fund into which the Government dips its hands in emergencies, to meet urgent, unforeseen expenditures and can't wait for authorization by Parliament.

Consumer price index
A price index covering the prices of consumer goods.

Corporate Tax
A tax on the profits of firms, as distinct from taxation of the incomes of their owners

Capital budget
The list of planned capital expenditures prepared usually annually

Current Account Deficit
An excess of expenditure over receipts on current account in a country's balance of payments.

Current Account Surplus
An excess of receipts over expenditure on current account in a country's balance of payments.

Customs Duty
A tax on imports, or tariff.

Disposable Income
Income less income tax.

Direct taxes
Taxes which affect the consumer directly, such as income tax, corporate tax, capital gains tax etc.

Disinvestment
The selling of the Government's stake in public sector undertakings.

DCF
Discounted cash flow.

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