Finance Bill 2016 has received the Presidential assent on May 14, 2016. Now it becomes the Finance Act, 2016 (28/2016).
The Finance Bill was presented in the Lok Sabha on February 29, 2016. On May 5, 2016, the Lok Sabha passed the Finance Bill, 2016 and later on, May 11, 2016 it was approved by the Rajya Sabha.