Question

What are the financial powers of the Union Parliament

Answer 1

Term ‘Parliament’ embraces many differing assemblies like: the United States Congress, the State Duma of Russia, the Japanese Diet, the Knesset of Israel and the Sansad in India. Constitution provides for three organs of government: Legislature, Executive and Judiciary. Parliament is the supreme legislative body; it consists of President and two houses: Lok Sabha (House of the People) and Rajya Sabha (Council of States). It makes laws on Union List and Concurrent List and exercises control over National Finance. President is the head of the state. Vice President of India is the ex-officio chairman of the Rajya Sabha. Lok Sabha is headed by y a Speaker. Parliament also makes laws on State subjects during national emergency. President has power to issue ordinances between two sessions of Parliament. Parliament passes annual budget for coming financial year. It also controls executive by asking questions and bringing Attention Motions. Parliament can do amendment in provisions of Constitution with simple majority. Articles of Constitution can be amended only by absolute majority (2/3rd majority of members). Parliament possesses right to remove President, Judges of Supreme Court, High Courts, Election Commissioner and Comptroller and Auditor General from through a special procedure called impeachment. Parliament elects President and Vice- President. Electoral College for the election of the President consists of Rajya Sabha and Lok Sabha members and Members of State Legislative Assemblies (MLAs). Prime Minister and Cabinet Ministers and majority of Council of Ministers are all members of the government. Money Bills and budget can only be introduced and passed in Lok Sabha. If ruling party government introduces any policies against people, opposition party in Lok Sabha can bring a No-Confidence Motion. Lok Sabha is accountable to the people; it brings awareness among them about parliamentary affairs. Rajya Sabha is a permanent House. Members of Rajya Sabha act as representatives of States and Union Territories (Delhi and Puducherry) in Parliament. In matters of ordinary bill, Rajya Sabha enjoys only revisory powers.

Answer 2

The Union parliament has varied financial powers such as :

1.  Parliament is the caretaker of national purse.

2.  The central government can neither levy any tax nor collect or revise it without the prior approval of the parliament.

3.  It is the Parliament which approves the fiscal policies of the government and then the government enforces the same.

4. All the money bills must be passed by the Parliament.

5.  No money is spend from the Consolidated Fund of India without the prior approval of Parliament.