History & Civics
Mention three Financial Powers of the Union Parliament.
Union Parliament
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Answer
Three financial powers of the Union Parliament are-
- The Budget — The Parliament passes the Union Budget containing the estimates of receipts and expenditure of the Government for a financial year. The Railway Budget was integrated with the Union budget from 2017-18.
- Supplementary Grants — If the amount authorised for the current financial year is not sufficient, the Government may make a fresh demand known as the 'Supplementary Grant.'
- Salaries — The salaries and allowances of MPs and Ministers are determined by Parliament.
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