Which of the following are the methods of Parliamentary control over public finance in India?
- 1.Placing Annual Financial Statement before the Parliament
- 2.Withdrawal of moneys from Consolidated Fund of India only after passing the Appropriation Bill
- 3.Provisions of supplementary grants and vote-on-account
- 4.A periodic or at least a mid-year review of programme of the Government against macroeconomic forecasts and expenditure by a Parliamentary Budget Office.
- 5.Introducing Finance Bill in the Parliament
Select the correct answer using the codes given below:
- A.1, 2, 3 and 5 only
- B.1, 2 and 4 only
- C.3, 4 and 5 only
- D.1, 2, 3, 4 and 5
▶ Answer & Explanation
Correct answer: A. 1, 2, 3 and 5 only
Parliament exercises control over public finance through several mechanisms. The Annual Financial Statement (Budget) must be presented to Parliament, and no money can be withdrawn from the Consolidated Fund of India without parliamentary approval via the Appropriation Bill. Supplementary grants and vote-on-account are also procedures requiring parliamentary sanction. Furthermore, the introduction of the Finance Bill to enact fiscal measures is a key parliamentary function. While a Parliamentary Budget Office is a recognized mechanism for oversight in many democracies, it is not a constitutionally mandated or regularly established method of direct financial control within the Indian parliamentary system as of 2012.
Source: UPSC gs1 2012