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Question
Mention three of Financial Powers of the Union Parliament.
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Solution
Three financial powers of the Union Parliament are
- It passes the Union Budget.
- It can make supplementary grants if the amount authorised is insufficient.
- If the budget is not passed before April 1, then there would be no money for the executive to spend. To provide money to the executive for day-to-day expenditure till the passage of the budget, a “Vote on Account” is passed.
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