Current Affairs

GK MCQs Section
Q. Which of the following Acts mandates the Ministry of Finance to present reports on budgetary trends to Parliament?
  1. Constitution of India
  2. Finance Acts of every year
  3. Fiscal Responsibility and Budget Management Act, 2003
  4. Order of President of India
Select the correct option from the codes given below:
Answer: Only 3
Notes: The Fiscal Responsibility and Budget Management Act, 2003 specifically mandates, under Section 7(1), periodic reporting by the Finance Ministry to Parliament on budget receipts and expenditures. The Constitution of India and the Finance Acts do not impose this requirement, nor does an Order of President make such reporting statutory for the Ministry of Finance.
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