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Answer

Correct Option is 2 Only

What is interim budget? It is a summary of expenses expected by the government in the next few months. The interim Budget helps span the transition time between the two governments, entrusting the responsibility of a full budget on the new government. What is Vote-on-account? Vote-on-Account is a special provision by which the government obtains Parliament’s approval for funds sufficient to incur expenditure for a part of the year (till the formation of a new government) enabling it to incur expenses till a full budget is prepared. There is no rule that The provision of a vote-on-account is used by a regular government, while an interim budget is a provision used by a caretaker government only. Hence statement 1 is incorrect

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