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Nirmala Sitharaman: Sitharaman, India s first full-time woman Finance Minister, had in July 2019 ditched the colonial legacy of a Budget briefcase for the traditional bahi-khata to carry Union Budget papers. She used the same in the following year, and in a pandemic-hit 2021, she swapped traditional papers with a digital tablet for carrying her speech and other Budget documents. ....
Wealth Tax was introduced in Budget 1957-58, presented by T T Krishnamachari. Levied on the total value of personal assets, it remained in the picture in one form or the other till Finance Minister Nirmala Sitharaman abolished it in 2015, her maiden Budget. During his next stint as finance minister, Krishnamachari, in his interim and Union Budgets of 1965-66, introduced the first voluntary disclosure income scheme (VDIS) against black money it was the first such effort. T T Krishnamachari (centre) presiding over the State’s Finance Minister’s Conference in New Delhi on November 18, 1957 The 1973-74 Budget, presented by Y B Chavan, came to be called the “Black Budget”. The 1971 India-Pakistan war and a failed monsoon had caused severe economic distress in India. The Budget had a deficit of Rs 550 crore hence Black Budget , though the term usually refers to a Budget where funds are set aside for classified work. Further, it came under criticism for setting a ....