FinMin begins Budget exercise

The finance ministry on Friday initiated the budgetary exercise for 2015-16, seeking inputs from government ministries and departments.

"The Budget circular for 2015-16 is hereby issued, containing the timelines for submission to the finance ministry, along with prescribed formats," stated an office memorandum.

The circular also contains a compendium of instructions issued from time to time by the ministry on various issues.

Prescribing timelines for submission of proposals, discussion with secretaries and finalisation of demand for grants, it asked officials to strictly adhere to the schedule.

The ministries have been asked to submit revised estimates of expenditure for 2014-15 and demands for grants for the next financial year, beginning April 1.

The Budget, which contains revised estimates for the current financial year and estimates for the next, is presented by the finance minister in the Lok Sabha on the last working day of February.

This would be the second Budget of the Narendra Modi-led government.

Finance Minister Arun Jaitley presented the Budget for 2014-15 on July 10, a follow-up of the interim Budget presented by earlier finance minister P Chidambaram.

Besides the demand for grants, the Budget also has taxation proposals, which form part of the Finance Bill.