The Union Budget of India referred to as the annual Financial Statement in Article 112 of the Constitution of India, is the annual budget of the Republic of India, presented each year on the last working day of February by the Finance Minister of India in Parliament. The budget has to be passed by the House before it can come into effect on April 1, the start of India's financial year. References to the budget can be found in Kautilya’s Arthashastra. It states that the Chancellor should first estimate revenue from each place and sphere of activity under different heads of accounts and then arrive at a grand total. The actual revenue is to be estimated by adding receipts into the treasury for the current year and delayed payments received which were due in earlier year/s. From this deduct the expenditure on the king, standard rations, other exemptions granted by the King, and authorized postponement of payments into the treasury. The outstanding revenues were estimated from work under construction for which revenue will accrue on completion, unpaid fines, unrecoverable dues, uncollectible sums, advances to be repaid by officers, etc. The origins of the modern Budget can be traced to the Norman period, where two departments dealt with finance—the Treasury and the Exchequer. The Treasury received and paid out money on behalf of the monarch. The Exchequer had a 'lower office' that received money, and an 'upper office', concerned with regulating the Kings’ accounts. The term ‘budget’ has been derived from the old French word ‘baguette’, which means a leather bag or wallet. The first use of the term 'budget' may date back to the 1733 financial statement by Walpole as Prime Minister and Chancellor of the Exchequer. A cartoon of him opening a patent medicine seller's wares was published at the time, as a satirical comment with the caption 'The Budget Opened'. ('Budge' is an old word for a bag or small case). Initially, “budget” referred solely to the Chancellor’s annual speech on the nation’s finances. Now, the term is used for an annual financial statement of income and expenditure of a government.