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Question
Explain the Financial Powers of the President of India.
Solution
Financial Powers: Financial Powers enjoyed by the President are as follows:
(i) He causes the Annual Budget to be laid before the Parliament in the beginning of every financial year.
(ii) He causes the annual financial statement to be laid before the Parliament.
(iii) No-Money Bill can be introduced in the Parliament without his prior assent.
(iv) He distributes the shares of the income tax received between the Union and the States.
(v) He can create contingency fund from which he can advance to meet unforeseen expenses.
(vi) He can appoint the Financial Commission and implement its recommendation.
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