Which of the following statements regarding advancement of date of presentation of budget is correct...........

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Which of the following statements regarding advancement of date of presentation of budget is correct?

1. The shift of date of presentation of budget was made after the approval of the Lok Sabha.

2. The shift of date of presentation of budget was made after the assent of the President.

Select the code from following:

1 only

2 only

Both

None

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Explanation:

The decision to advance the date was approved by Cabinet. It did not require parliamentary approval.
The Cabinet has decided in principle to advance the presentation of the Union Budget by a month, from February to January. The objective is to have the Budget constitutionally approved by Parliament and assented to by the President, and all allocations at different tiers disseminated to budget-holders, before the financial year begins on April 1.
The new system will eliminate the need for the executive to obtain a vote-on-account budget approval to incur expenditure during the first two months, which normally is in the second fortnight of May.
The aim is that all spending authorities within the system and those financially dependent on the Centre be in a position to work out their activities with assured resources in the beginning of the year itself. With annual financial resources approved and bestowed on April 1, a more planned and regulated expenditure profile during the year is expected.