With reference to the Union Government consider the following statements.
- The Department of Revenue is responsible for the preparation of Union Budget that is presented to the parliament
- No amount can be withdrawn from the Consolidated Fund of India without the authorization of Parliament of India.
- All the disbursements made from Public Account also need Authorization from the Parliament of India.
Which of the following statements given above is/are correct?
Detailed Explanation:
❌ Statement 1 – Incorrect: The Department of Economic Affairs (under Ministry of Finance), not the Department of Revenue, prepares the Union Budget presented to Parliament.
✅ Statement 2 – Correct: Article 114 of the Constitution mandates that no money can be withdrawn from the Consolidated Fund of India without parliamentary authorization through the Appropriation Act.
❌ Statement 3 – Incorrect: Public Account transactions (provident funds, judicial deposits, remittances) are operated by executive action and do not require parliamentary appropriation, functioning like banking transactions.
Question 5 of 7 Budget and Financial Procedures
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