Financial Powers of the Parliament

Q. Which among the following institutions is considered the 'Custodian of Public Funds'?

1. Finance Commission
2. Parliament
3. Supreme Court
4. Council of Ministers

Q. A Finance Bill is a bill is _______________.

1. introduced annually to ratify the financial proposals of the Union Government adopted in the preceding financial year.
2. introduced annually to give effect the financial proposals of the Union Government for the next financial year
3. to authorise expenditure out of the Contingency Fund of India
4. which would authorise expenditure out of the Consolidated Fund of India

Q. The Annual Budget passed by the Parliament is not a Money Bill.

1. True
2. False

Q. Ram says that the Parliament also exercises control over the political executive. Deepa says the Parliament gets to decide how the government’s funds are spent.

Who do you think is right?

1. Ram is right.
2. Deepa is right.
3. Both are right.
4. Both are wrong.