KATHMANDU, July 12 (Xinhua) -- The Legislature Parliament of Nepal has endorsed the bill to introduce "advance budget" Monday for the fiscal year 2010-2011.
The 601 member Parliament passed the bill presented by Finance Minister Surendra Pandey of caretaker government to introduce " advance budget" as the current caretaker government is not valid to bring full-fledged budget.
By endorsing the bill, the "advance budget" has been passed by the House at the time when only four days left to end the current fiscal year 2009-2010.
After Madhav Kumar Nepal resigned as prime minister on June 30, the government became caretaker that is considered unauthentic to introduce any important plans or policy.
The "advance budget" can spend one third of the total budget for the current fiscal year according to the interim constitution, or about 110 billion Nepali rupees (some 1.48 billion U.S. dollars) .
Instead of outlining new development programs and plans, the " advance budget" aims to enable the government function till the full budget is brought and passed by the new government to be formed.
As per the Interim Constitution, the Finance Ministry has not announced any new tax policies as a caretaker government cannot bring changes to the present tax structure or introduce new taxes.
The caretaker government cannot bring new projects except for ongoing development projects until the regular budget is passed by the Parliament. This will delay implementation of new projects.