Question

How does the union parliament exercise control over the national finance

Answer 1

$\huge{\textsf{\underline{Financial powers of the Parliament}}}$

(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 .

Hope it helps !

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