FINANCIAL POWERS OF THE PRESIDENT AND PARLIAMENT

“Financial powers” of the president have been denoted by this, any kind of financial bill requires the approval of the President. In addition, even before the parliament. the Union budget has been laid by the President. Moreover, the recommendation of the president has been needed at first when granting any financial demand. Moreover, the President of India controls the “Contingency fund” and constitutes the “Finance Commission”. On the other hand, the financial power of the Parliament denotes the passing of the Union budget, creating of a supplementary financial grant, and refusing the spending of money if the budget has been passed after 1st of April respectively.

Financial powers

The “financial powers” have been differentiating from various initiatives such as the president, parliament and so on. Moreover, there have been separate financial powers for the relevant areas of the country. The “financial powers” of the county’s President have been different in the sense that the power has been in the hand of the head leading the other ministers respectively. There have been various rules that have been compiled for the finance department involved in financial matters respectively in India. The purpose of the “financial powers” is to manage the finances of the organization or the country from paying bills to processing budget plans and enhancing benefits from the same. These powers have been based on the powers that will be tracing the budget and other financials of the country depending on the clearance to each stage. The provisions that have been provided by the government have been initiated separately for the passing of the relevant bill in the ether sections. 

Financials powers of the parliament

The “financial powers” of the country’s Parliament basically belong to their owners that include the passing of the “union budget”. Secondly, it has the power to make the “supplementary grants” when the amount that has to be initiated is not sufficient after authorization. Lastly, when the budget has not been passed at the time initiated, then the money that has been formulated will not be executed for further spending respectively. As it has been noted that the “financial powers” have been involving the funds that have been paying the bills related to money. It has the powers that have been important for passing the relevant bills of all sections of the country. When the bill has been passed by the Lok Sabha”, then it is sent to the “Rajya Sabha” for further appointments related to the amendments in the section of bills. The “union parliament” has been initiating the powers that have been traced by the passing of bills and other required funds united for the growth of the company. The powers that have been executed in the field of “financials” have been considered as durable when the principle has been incapacitated. 

Delegation of financial powers rule 1978

The delegation of the “financial power” rule 1978 has its purpose of managing public finance in the area of Government. The rule has been initiated that the powers of expenditure with that of finance minister. Moreover, the main advantage of this power has been in the field of “convenient transactions” respectively for all businesses. Furthermore, “decision making” has been expeditious with its application of basic powers. This has also improved the efficiency in the finance sections, providing accurate visibility to the people. The application of this rule has been applicable to the “ministers’ ‘, “subordinate authorities”, the offices of the subordinates and the union territories. This rule was enforced on April 1st 1978 respectively and it basically includes the budgeting system, commencement of rules and the expenditures that have been authorized with the benefits of taking the executive powers for all. This rule has been enforced initially to control and delegate the “financial powers’ ‘ that have to be furnished. The continuation of the non-plan schemes that has been linked is related to the “pre-budget” under the “finance” department. 

Conclusion

Hence, it can be said that the “financial powers” have been very important for the country to regulate all its monetary processes from distribution to collection. The powers relating to the parliament have been related to the money bill where the recommendation of the bill has been formulated for the plans that will be igniting the growth of the country. Moreover, the “union budget that has been laid to the parliament will be accessed for the demands of the country. Furthermore, all the control of the “financial powers” has been given to the President for the formulation and execution of various powers related to finance.