Question

Which of the following are the methods of Parliamentary control over Public Finance of India?
1. Placing Annual Financial Statement before Parliament.
2. Withdrawal of money from Consolidated Fund of India only after passing the Appropriation.
3. Provisions of supplementary grants and vote-on-account.
4. A periodic or at least a mid-year review of the 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
(C) 3, 4 and 5
(D) All of these

Answer 1

Hint: The Indian money marketplace is categorized into the methodical sector (including private, public and foreign possessed marketable banks and supportive banks, together with recognized as scheduled banks); and the disorganised sector. The disorganised sector and microcredit are still favoured over conventional banks in rural and suburban parts, particularly for non-productive resolutions, like formalities and short extent loans.

Complete answer:
The Ministry of Finance is a significant department in the Government of India involved with the economy of India, helping as the Indian Treasury Department. Precisely, it involves itself with taxation, financial legislature, financial institutes, capital marketplaces, centre and state funds, and the Union Budget. It is not enough that Parliament must confer the money to the administrative for disbursement and vote the taxes, it has also to ascertain that the assumptions for reserves are expended on the items appropriate in a prudent and cost-effective way. Additionally, it has also to ascertain that the taxes voted by it are accumulated by the administrative assiduously and fairly. If the disbursement is made irresponsibly and the money does not stream into the public treasury, the outcome would be catastrophic for the nation. It is, hence, vital that all listed proceeds are accredited and all questions are accordingly sanctioned. To safeguard appropriate disbursement and proceeds the Parliament offers for bookkeeping and review. Also, it also sets up its boards to appraisal the Budget implementation.

Thus, option (A) is correct.

Note: In India for the resolutions of bookkeeping and review the office of Comptroller and Auditor-General has been set up. The parliament has also set up the Public Accounts Committee, the Estimates Committee and the Committee on Public Undertakings.