“A statement of estimated receipts and expenditures called annual Financial Statement (Budget) has to be placed before parliament for each financial year.” The above provision has been enshrined in which among the following articles of Constitution of India?
Q. “A statement of estimated receipts and expenditures called annual Financial Statement (Budget) has to be placed before parliament for each financial year.” The above provision has been enshrined in which among the following articles of Constitution of India?
Answer: Article 112
Notes: Article 112 of the Indian Constitution says that every year “the President of India shall cause to be laid before both the houses of the parliament” the “Annual Financial Statement”. This is popularly known as Budget. “cause to be laid” here means that the person through whom President acts, is Finance Minister of the country, who is known as the custodian of the nation’s Finances. The Budget gives the complete picture of the estimated receipts and expenditures of the Government of India for that year. This picture is actually based upon the budget figures of the previous years.

 

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