गेल्या काही वर्षांपासून 'अंदाजपत्रकीय तूट' नसते कारण

The correct answer is Option A (The capital receipts are estimated exactly to cover the deficit in the revenue account).

Key Points:
• Traditionally in India, 'Budget Deficit' (अंदाजपत्रकीय तूट) referred to the net difference between Total Receipts and Total Expenditure, which was automatically financed by issuing ad-hoc 91-day Treasury Bills to the RBI (deficit financing / monetization of debt).
• In 1997, through a historic agreement between the Government of India and the Reserve Bank of India (signed by Finance Minister P. Chidambaram and Governor C. Rangarajan), the practice of issuing ad-hoc treasury bills was discontinued, replaced by Ways and Means Advances (WMA).
• In standard budget accounting presentations since 1997, total estimated receipts (including budgeted borrowings under capital receipts) are deliberately matched with estimated total expenditures, technically making the overall budgetary gap zero.
• In other words, total capital receipts (comprising market borrowings) are planned and estimated exactly to cover any shortfall in the revenue and capital accounts, leaving no uncovered 'budget deficit'.
• The official MPSC final answer key confirms Option 1.
• Key Takeaway: Since the 1997 RBI pact, total capital receipts (borrowings) are budgeted to match the shortfall, eliminating the conventional budget deficit.