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Mention three of Financial Powers of the Union Parliament.

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Question

Mention three of Financial Powers of the Union Parliament.

Short Answer
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Solution

Three financial powers of the Union Parliament are

  1. It passes the Union Budget.
  2. It can make supplementary grants if the amount authorised is insufficient.
  3. 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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