Home » national news » Interesting story behind Budget and red suitcases relationship carried by Finance Minister
 
SPEED NEWS

Interesting story behind Budget and red suitcases relationship carried by Finance Minister

Speed News Desk | Updated on: 1 February 2018, 13:28 IST
Finance Minister

You must have noticed that whenever Finance Minister goes to present the budget, he also carries a suitcase in his hand. Also post photos with suitcases, but very few know the story behind this suitcase.

The story between India's budget and this red suitcase is very interesting. Budget and suitcases have a relationship for more than 150 years, but few years ago, It is said that in 1860, Britain's Chancellor of the Exchequer Chief William Ewart brought the bundle of Financial Papers into leather bags. Since then, this tradition has come out.

According to the financial Express, the word 'budget' is derived from Bogeti, which means a small bag. In addition, there is a tradition of keeping the government's expenditure and revenue information in it. Although the Red Gladstone budget box in Britain was in circulation until 2010. In 2010, it was placed in the museum and replaced with the use of a fresh red leather budget box.

India continued this tradition even after independence. The budget presented by the first finance minister of independent India, Shanmukham Chetty, was brought in the same suitcase on November 26, 1947. Since then, the story continues and every time the finance minister goes with the suitcase before presenting the budget. In Britain, a finance minister handouts this suitcase to another finance minister, but this is not the case in India. In addition to the UK, Uganda, Zimbabwe and Malaysia also use this suitcase for budget speech.

First published: 1 February 2018, 13:28 IST
 
NEXT STORY