Do you know that Independent India's first Budget presented on November 26, 1947 was an interim Budget!

An interim Budget or a vote-on-account becomes a must since Parliament's approval for drawing funds from the Consolidated Fund of India for meeting the expenses is usually obtained before the last day of the financial year - March 31.

All the interim Budgets tabled earlier have enabled the governments to continue incurring their obligatory expenditure until a regular Budget is passed by Parliament.

Also read: Major functions of Budget division