Which of the following instruments are utilized to secure parliamentary control over public finance in India?
1. Presentation of the Annual Financial Statement before Parliament.
2. Withdrawal of funds from the Consolidated Fund of India only after the passage of the Appropriation Bill.
3. Provisions for supplementary grants and vote on account.
4. Mid-term review of macroeconomic forecasts by a Parliamentary Budget Office.
5. Introduction of the Finance Bill in Parliament.

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Question

Which of the following instruments are utilized to secure parliamentary control over public finance in India?
1. Presentation of the Annual Financial Statement before Parliament.
2. Withdrawal of funds from the Consolidated Fund of India only after the passage of the Appropriation Bill.
3. Provisions for supplementary grants and vote on account.
4. Mid-term review of macroeconomic forecasts by a Parliamentary Budget Office.
5. Introduction of the Finance Bill in Parliament.

Select the correct answer using the code given below:

Accepted Answer

Parliamentary control over public finance in India is exercised through the presentation of the Annual Financial Statement (Article 112), the requirement of passing an Appropriation Bill to withdraw money from the Consolidated Fund of India, provisions for supplementary grants and vote on account, and the introduction of the Finance Bill. There is no institutionalized 'Parliamentary Budget Office' in India conducting periodic macroeconomic forecast reviews for this purpose.

Answer

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