LS passes demands for grants, completes 2nd phase of budget

The Lok Sabha today passed a bill allowing the Central government to withdraw Rs 60.49 lakh crore form the Consolidated Fund to meet its expenditure during 2014-15, thus completing the second phase of the budgetary exercise.
The Lower House approved the Appropriation Bill, 2014, after all the demands for grants were collectively put to vote and passed by applying guillotine.
The Bill, that permits the Central government to withdraw Rs 60.49 lakh crore from the Consolidated Fund during the current financial year was moved by Finance Minister Arun Jaitley.
The Lok Sabha discussed the demands for grants of ministries of Water Resources, Environment and Forest, Social Justice and Highways and Roads.

The first phase of the budgetary process was completed after Parliament approved the certain appropriation bills last week following a reply to the discussion by Jaitley.
The Budget, which is usually presented on the last working day of February, was presented on July 10 after the formation of the new government.
The debate on Finance Bill, which contains tax proposals of the government for the fiscal, will take place later in the week. The passage of the Finance Bill by Parliament will complete the budgetary process for the fiscal.