New Delhi, Jan 14 (IANS): President Ram Nath Kovind has given his nod to the Appropriation (No 5) Act 2021 that authorises payment and appropriation of Rs 3.73 lakh crore from the Consolidated Fund of India for the services of the financial year 2021-22.

According to a gazette notification published on Friday, the President gave his assent on January 12.

The Act authorises the expenditure of Rs 3,737,035,100,000 as voted by the Parliament, Rs 574,900,000 charged on the Consolidated Fund totalling to Rs 3,737,610,000,000 from and out of the Consolidated Fund of India towards defraying the several charges which will come in course of payment during the financial year 2021-22 in respect of the services specified.

Generally, after the budget proposal discussions and later voting on demand for grants, the government introduces the Appropriation Bill in the Lok Sabha, which when passed by the Parliament, is then sent to the President.