Business Do you know why finance ministers flash ‘briefcase’ before budget? Read here. Updated : February 01, 2019 12:00 PM IST The tradition began when the country’s first finance minister R K Shanmukham Chetty presented the country’s first ever budget in the parliament on November 26, 1947. In 1860, British budget chief William Ewart Gladstone used a red suitcase, similar to the one used by England’s Queen. Present day finance minister Arun Jaitley has however used three different briefcases in his last three budgets and was similar to that used by Chidambaram. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.