How does the Union Parliament exercise control over the National Finance?

A Money Bill can only be introduced in the Lok Sabha. It is then transmitted to the Rajya Sabha for its recommendations. The Rajya Sabha must return the Bill to the Lok Sabha within a period of 14 days with its recommendations. The Lok Sabha is free to accept or reject the recommendations made by Rajya Sabha in money matters.
As regards financial powers of the Union Parliament, mention may be made of a few other provisions also.

1. The Budget
2. Supplementary Grants
3. Vote on Account
4. Salaries of MPs, Ministers and Judges of the Supreme Court and High Courts