Senior Congress leaders said that the party does not want to create a financial stalemate even though there is no bar on a new government presenting a fresh Budget if it wanted to.

"Congress would like to see the Finance Bill go uninterrupted in the interest of the country," senior Congress leader Arjun Singh said.

Meanwhile, Lok Sabha Speaker GMC Balayogi has convened a meeting of all political parties on Monday to find a solution to a probable impasse over the Budget. A new government will have until May 13 to decide on amending excise and customs provisions of the Finance Bill 1999-2000 presented to Parliament by finance minister Yashwant Sinha.

According to parliamentary provisions (as per the Provisional Correction Act of1931), the indirect taxation proposals in the Finance Bill will have to be passed within a period of 75 days from being placed before the House.

"If more than 75 days are allowed to elapse, the government may face the prospect of returning revenues collected through the provisions of the February budget", a finance ministry official said. Pertinently, it is only the excise and customs provisions which would require sanction from Parliament within 75 days.

No such time limits have been fixed for parliamentary approval for direct taxation proposals and expenditure reallocations provided for in the budget. Top finance ministry officials clarified that there would be no immediate material change in state of the economy or in the various changes made in indirect taxation regime by Sinha's February budget until the new government decides to amend or scrap them before May 13, when the 75-day deadline expires.

Upon news of the fall of the Vajpayee government finance ministry officials went scurrying back toNorth Block to ponder the fate of the Union Budget and its implications on the economy.

Finance secretary Vijay Kelkar was ensconced till late on Saturday evening with revenue secretary Javed Chaudhury and additional secretary (budget) JS Mathur discussing the next few steps in the light of new developments.

Technically, a new government will have up to May 31 - the period of time till which a vote-on-account budget has been approved - to decide on what to do with Sinha's direct taxation and expenditure provisions. In fact, it can take longer - by going in for another vote-on-account. Finance ministry officials clarified that a new government will have three options before it:nTo scrap the February budget and replace it with a new one that will bear the stamp of those in power.

In this case the new finance minister will have to go through the motions of presenting a full Budget before May 31 or subsequently by extending the vote-on-account period. But he will have to scrap the indirect taxationproposals of the February Budget before the May 13 deadline and allow the 1998-99 provisions to continue. n To make amendments to the Finance Bill of 1999-2000. This can be done by translating the new government's economic philosophy on to Yashwant Sinha's budget before the May 13 deadline for indirect taxation and, if necessary, later for expenditure and direct taxation provisions.

n To adopt the February Budget without making any changes. This seems unlikely because the Congress, in case it forms a government, and its supporting parties have views which are contrary to some of the provisions of the Finance Bill.

Till a final decision is taken on the Budget by a newly installed government, the reallocation of expenditure, including changes in budgetary provisions for subsidies, social sector, agriculture, education and health, spelled out in Sinha's Budget, will be kept on hold.

All expenditure will be incurred by the central government on a pro-rata basis (in relation to expenditure incurred in1998-99) till May 31 and later, if the vote-on-account period is sought to be extended. Meanwhile, the Lok Sabha secretariat indicated that even a caretaker government could pass the Finance Bill to avert a financial crisis if there was a delay in the formation of the new government.