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mated the overall deficit at Rs 320 crores. In addition, the budget had also visualised drawal of Rs 480 crores from the impounded wages and salaries of income tax payers kept with the Reserve Bank. The revised estimates for 1976-77 now place the deficit at Rs 425 crores. What is intriguing is that as late as at the beginning of March 1977 the government had practically no deficit. Even the latest data on expansion in treasury bills outstandings and variations in cash balances with the Reserve Bank suggest a deficit of only about Rs 50 crores. It is intriguing, therefore, that the previous government should have put the revised estimate of budgetary deficit in 1976-77 at Rs 425 crores. Besides, nowhere in the entire set of budgetary documents is there any reference to the proposal, which the government had made in the budget for 1976-77, for borrowing to the extent of Rs 480 crores from the Reserve Bank from compulsory deposits.