New Delhi: The Lok Sabha on Thursday passed a bill allowing the central government to withdraw Rs 54 lakh crore form the Consolidated Fund to meet its expenditure during 2012-13, thus completing the second phase of the budgetary exercise.

The Lower House approved the Appropriation Bill, 2012, 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 54.78 lakh crore from the Consolidated Fund during the current financial year, was moved by Finance Minister Pranab Mukherjee.

The Lok Sabha discussed the demands for grants of Ministries of Urban Development, Health, Home and Commerce.

The first phase of the budgetary process was completed after the Parliament approved the vote on account following presentation of the budget on March 16.

The Budget, which is usually presented on the last working day of February, was delayed because of the assembly elections.

The debate on Finance Bill, which contains tax proposals of the government for the fiscal, will take place next week. The passage of the Finance Bill by Parliament will complete the budgetary process for the fiscal.

(Agencies)

Latest news from Indian News Desk