Moneycontrol News
Since India's independence, there were four instances when special-occasion budgetary proposals were presented, which were also known as mini Budgets.
TT Krishnamachari, finance minister in the Prime Minister Jawaharlal Nehru government presented the first mini Budget on November 30, 1956 in form of fresh taxation proposals through Finance Bills, demanded by the prevailing domestic and international economic situation.
The decision was taken essentially to tackle issues like rising inflation and falling forex reserves at that time.
The second special-occasion Budget taxation proposals were also presented by Krishnamachari in August 1965 when he introduced voluntary disclosure scheme with regard to unaccounted incomes and wealth.
The disclosure scheme proved very successful with the collection of Rs 49.53 crore and encouraging voluntary disclosures particularly from people who have comparatively small and medium incomes to disclose.
The third mini Budget was presented by YB Chavan in December 1971 wherein he proposed additional measures for mobilisation of resources for defence requirements.
The last mini Budget proposals in the Parliament was also made by Chavan in July 1974, wherein he made fresh taxation proposals to tackle inflation-related issues after only five months of the regular annual Budget.
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