Budget Special Set 1,2 : Historical Perspective

Set-1

1. The first budget in India was presented on 7^th April, 1860 by East India Company to British Crown. Who presented this budget?
   1. James Wilson
   2. John Mathai
   3. James Augustus Hickey
   4. None of the above
       
2. The first Indian Prime Minister to present the budget was:
   1. Shri. Morarji Desai
   2. Shri. Lal Bahadur Shastri
   3. Pandit Jawaharlal Nehru
   4. Shri. Manmohan Singh
       
3. Which of the following finance minister has a record of presenting maximum number of budgets in independent India?
   1. Shri. C.D. Deshmukh
   2. Shri. Morarji Desai
   3. Shri. Yashwant Sinha
   4. Shri. R.K. Sanmukham Chetty
       
4. The first Union Budget of Independent India was presented by :
   1. Shri. R.K. Sanmukham Chetty
   2. Pandit Jawaharlal Nehru
   3. Shri. Morarji Desai
   4. Shri. Yashwant Sinha
       
5. Who presented the final and interim budgets in 1991-92?
   1. Manmohan Singh and Yashwant Singh respectively
   2. Yashwant Singh and Manmohan Singh respectively
   3. Manmohan Singh
   4. Jaswant Singh
       
6. Which finance minister had changed the time of budget presentation from 5pm to 11am?
   1. Shri. Jaswant Singh
   2. Shri. Yashwant Sinha
   3. Shri. Manmohan Singh
   4. Shri. Pranab Mukherjee
       
7. The first budget for republic of India was presented in 1950-51 by:
   1. Shri. John Mathai
   2. Shri. C.D. Deshmukh
   3. Shri. Lal Bahadur Shastri
   4. Shri. R.K. Sanmukham Chetty
       
8. Who presented the first budget in the first elected parliament on the basis of adult franchise?
   1. Shri. John Mathai
   2. Shri. Lal Bahadur Shastri
   3. Shri. R.K. Sanmukham Chetty
   4. Shri. C.D. Deshmukh

Answers

1. a
2. c, He presented budget in 1958-59
3. b, 10 times
4. a, He presented budget on 26^th November 1947 at 5:00 pm. The budget included only seven and a half months starting from 15^th August 1947 till 31^st March 1948.
5. a
6. b, in 2001
7. a
8. d

Set-2

1. Write 'true' or 'false' against each of following 10 statements.
   1. Budget papers began to be prepared in Hindi from 1991-92.
   2. Shri. Morarji Desai was the only finance minister to have had the opportunity to present two budgets on his birthday.
   3. The word "Budget" was derived from the French word "bougette", which means "red briefcase"
   4. Indian budget is presented in Parliament on a date fixed by the Finance Minister.
   5. The union budget also contains estimated for the next year called the budgeted estimates.
   6. Shri. TT Krishnamachari as the finance minister during 1964-65 introduced the voluntary disclosure of concealed income scheme in India for the first time.
   7. Budget of 1985-86 is known for 'Black Budget' in India due to high budget deficit.
   8. R. Venkataraman is the only finance minister of India who later also served as the president of India from 1987-92
   9. Corporate Tax (now known as MAT) was first introduced by Shri. Manmohan Singh in 1990-91.
   10. Service Tax was introduced by Shri. Manmohan Singh in 1994 Budget.

Answers:

1. False (1955-56)
2. True
3. False (It means "leather purse")
4. False, President
5. True
6. True
7. False, Budget of 1973-74
8. True
9. False, By Shri. Rajiv Gandhi in 1987 budget.
10. True