2.6.4. Financial Powers

♤ Money bills can be introduced in the Parliament, only with the President’s prior

recommendation.

♤ No demand for a grant can be made except on his recommendation.

♤ The President causes to be laid before the Parliament the Annual Financial Statement i.e. the Union Budget.

♤ The President can make advances out of the Contingency Fund of India to meet any unforeseen expenditure.

♤ The President constitutes a Finance Commission after every five years to recommend the distribution of revenues between the Centre and the States.