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Indian Polity Indian Parliament

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

(b) 1, 2 and 4

(d) 1, 2, 3, 4 and 5

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Explanation:

Financial activities of the government fall into two types–collection of revenue and expenditure of funds raised through revenue. Both types of activities are regulated by constitutional provisions.
Article 265 forbid any imposition of tax or collection of revenue except by the authority of law.
In terms of Article 66, no money can be appropriated from the consolidated fund without the authority of law. It means that Parliamentary sanction is necessary for every expenditure made by the executive.