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Questions
Explain the Financial Powers of the President of India.
Briefly explain the financial powers of the Indian President.
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Solution
Financial Powers enjoyed by the President are as follows:
- He causes the Annual Budget to be laid before the Parliament at the beginning of every financial year.
- He causes the annual financial statement to be laid before the Parliament.
- No-Money Bill can be introduced in the Parliament without his prior assent.
- He distributes the shares of the income tax received between the Union and the States.
- He can create a contingency fund from which he can advance to meet unforeseen expenses.
- He can appoint the Financial Commission and implement its recommendations.
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