Published: 07:00 AM, 12 June 2026
The Legacy of Budget Briefcase Prevails for Two Hundred Years
Finance Minister Amir Khasru Mahmud Chowdhury presented the budget for the 2026-27 fiscal year in the National Parliament on Thursday. The briefcase in his hand was in the center of all the lights. Does the budget worth lakhs of crores of taka really reside in that bag? No, it doesn't. It contains draft speeches, tax and duty proposals and economic guidance documents. But this bag is not just a bag - it has a history of almost two centuries.
The word 'budget' also has its roots in a bag. This word, which comes from the old French word 'Bougette', means a small leather bag. Once upon a time, government income and expenditure accounts were brought to the legislature in such bags. The name of the bag gradually became the name of the state's annual financial plan.
The concept of the modern briefcase took shape in 1860. The then British Chancellor of the Exchequer William Gladstone used a special red box with a gold emblem to carry budget documents. That 'red box' became the symbol of British budgets for the next century and a half and spread to the subcontinent through colonial rule.
The first modern budget in the subcontinent was presented in 1860 in Kolkata, by British economist James Wilson. The first budget in independent Bangladesh was presented on June 30, 1972, by Finance Minister Tajuddin Ahmad-he also had that briefcase in his hand.
The briefcase is not only symbolic, but also functionally important. If budget information is leaked early, it can create instability in the market, abnormal trading in the stock market, and opportunities for stockpiling. In 1947, British Chancellor of the Exchequer Hugh Dalton revealed tax-related information to journalists before entering Parliament-it was not possible to present the budget before that information was published in the newspapers, and he eventually had to resign.
The appearance of the briefcase has changed over time. In Bangladesh, former Finance Minister Abul Maal Abdul Muhith used a maroon and black briefcase. In India, Nirmala Sitharaman used a traditional red cloth-wrapped 'booklet' instead of a briefcase, and in 2021, she presented the budget in hand using a tablet computer.
However, the symbol still lives on. Although the entire budget-making process is now digital, millions of people still look at the briefcase in the hands of the Finance Minister on the way to Parliament. There is no cash inside, but there are plans worth thousands of crores of taka related to their lives and livelihoods.
Pranab Mukherjee, serving under former Indian Premier Manmohan Singh, opted for a red briefcase reminiscent of its British counterpart, keeping the classic flair alive. However, it was Piyush Goyal, who presented the interim budget in February 2019, that marked the end of an era by being the last finance minister to carry a briefcase in the traditional sense.
In a remarkable shift, Finance Minister Nirmala Sitharaman introduced a vibrant Bahi-Khata during her maiden budget presentation in 2019, showcasing budget papers in a nod to India's heritage. In a moment of true innovation, she declared that the Bahi-Khata-a traditional Indian ledger-was a departure from colonial practices, celebrating the pride of Indian culture.
In ancient India, temples functioned not only as religious institutions but also as significant economic entities, managing extensive landholdings and receiving substantial donations. Their operations encompassed various sectors, including agriculture, trade, education, and social welfare, necessitating a sophisticated system of record-keeping to ensure efficiency and transparency. To facilitate this, records were traditionally stored in red pouches secured with jute ropes. The choice of red, a colour imbued with religious significance in Hinduism, underscored the sanctity of these records.
As economic systems evolved and grew increasingly complex, the Bahi-Khata system in India emerged as an early form of double-entry bookkeeping. This system involved meticulous categorization of income and expenses, setting the groundwork for more advanced accounting methodologies utilized in contemporary practices.
>>R R Badhon, AA
