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Question
| The President is the nominal head of the executive, the first citizen of the country, as well as the commander-in-chief of the Indian Armed Forces. With reference to this, answer the following question: |
Mention any three financial powers of the President.
Solution
- Money Bills can be introduced only on the recommendation of the President.
- The Annual Budget contains the estimates of income and expenditure of the Union Government for the coming year. The Finance Minister, on behalf of the President, places the Annual Budget before Parliament.
- The Annual Financial Statement is also laid before the Parliament at the beginning of every Financial Year on behalf of the President.
- The President can authorise the withdrawal of advances from the Contingency Fund of India to meet unforeseen expenditures. Such expenditure should be subsequently approved by Parliament.
- After every five years, the President appoints a Finance Commission comprising a Chairman and four other members. The Commission makes recommendations to the President on financial matters.
Notes
Students should refer to the answer according to their questions.
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