With reference to the Union Budget, consider the following statements:
1. The Union Finance Minister, on behal

Question

With reference to the Union Budget, consider the following statements:
1. The Union Finance Minister, on behalf of the Prime Minister, lays the Annual Financial Statement before both the Houses of Parliament.
2. At the Union level, no demand for a grant can be made except on the recommendation of the President of India.
Which of the statements given above is/are correct?

Accepted Answer

The Annual Financial Statement, commonly known as the Union Budget, is presented to Parliament by the Finance Minister. Demands for grants, which seek parliamentary approval for expenditure, can only be made on the President's recommendation, as per Article 113 of the Constitution.