In 1860, the then British budget chief William E Gladstone carried his papers in a red suitcase with the Queen's monogram in gold. Budget briefcase came into being because Gladstone's speeches were extraordinarily long, and he needed a briefcase to carry his speech papers.
However, in India, different finance ministers carried different briefcases with colours of red, black, tan or brown.
India's first finance minister RK Shanmukham Chetty carried a leather portfolio to present the first Budget in 1947. TT Krishnamachari in the 1950s carried something that looked like a file bag. Jawaharlal Nehru carried a black briefcase.
As the finance minister, Manmohan Singh, who delivered the iconic 1991 economic liberalisation proposals, carried a black bag. Pranab Mukherjee, as Prime Minister Manmohan Singh's finance minister, used a red briefcase similar to the Gladstone case of Britain.