How does the union parliament control exercise over national finance
Answers
ii) When the Rajya Sabha passes a resolution by a two-third majority that a subject in the State List has assumed national importance, the Union Parliament can legislate on that subject. ... Answer: Three Financial Powers of the Union Parliament are: (i) It passes the Union Budget.
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Answer:
(i) The Lok Sabha only has the power to introduce a Money Bill .
(ii) The Parliament passes the Union Budget containing the estimates and the expenditure of the Government .
(iii) The Parliament may demand a " Supplementary Grant " if the amount is not sufficient.
(iv) The Parliament determines the salaries and allowances of the M.Ps and Ministers.
(v) The Parliament approves permission for taxes imposed.
(vi) The Parliament passes " Vote on Account " which authorizes the Executive to draw funds from the Consolidated Fund of India until the Budget is passed .