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EFFECTIVE DATE OF THE FINANCE BILL

The Union Budget not only contains the government's annual financial statement but also a road map for how the country's finances will be managed in the next financial year. As such, it is a piece of legislation that has to be vetted by Parliament. Usually, the Union Budget is presented a month or two before the end of the ongoing financial year and is effective from April 1 of the next financial year.
 
Rule 219 of the Rules of Procedure of the Lok Sabha states: ‘Finance Bill’ means the Bill ordinarily introduced in each year to give effect to the financial proposals of the Government of India for the following financial year and includes a Bill to give effect to supplementary financial proposals for any period.
 

EFFECTIVE DATE OF FINANCE BILL NEWS