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The Parliament controls the Union Finances. In this context, briefly explain the powers of the Parliament in regard to the following:

  1. Annual Budget
  2. Consolidated Fund of India
  3. Supplementary Grants

     

Asked by Topperlearning User 2nd May 2016, 12:38 PM
Answered by Expert
Answer:
  1. Annual Budget: It is the Parliament which passes the Union Budget. The Budget is a statement which contains the estimates of income and expenditure for the financial year starting from 1st April every year to 31st March of the following year. The budget is presented in the Parliament by the Finance Minister with the prior approval of the President. It is mainly presented in two parts—Railway Budget and General Budget.
  2. Consolidated Fund of India: It is a fund which has been laid down by the Constitution to meet some items of expenditure such as salaries of the President, judges of the Supreme Court and other top officials which should not be put to vote in the Parliament. This provision safeguards the dignity of top-ranking officials and keeps them free from undue parliamentary influence.
  3. Supplementary Grant: If the amount authorised for the current financial year seems to be insufficient, the Government makes a fresh demand. This demand is known as ‘Supplementary Grant’.
Answered by Expert 2nd May 2016, 2:38 PM
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