Financial Powers of President of India

Financial Powers of President


President has the following powers in regard to financial matters of the country

The president lays the Annual Financial Statement (Article 112) called union budget before the parliament

Financial Powers of President of India

 Money Bill can be introduced in the parliament with the president recommendation only

Contingency Fund (Article 267) – President Can makes advances out of contingency funds of India to meet unforeseen expenses

 Planning Commission (Non constitution Body which has been replaced by NITI Aayog) and Finance commission (constitutional Body relates to article 280) has the major role in Financial matters of the country which over see the nations investment and development strategies, president has the role in constituting the Finance commission of India

President constitutes Finance commission under Article 280 after every Five years for recommendations of taxes between centers and states. Recently replaced by NITI Aayog

He makes appointments to the positions of Finance Commission chairman and its members

Present Chairman, 14^th Finance Commission of India – Y.Venugopal Reddy

President can declare the financial emergency under Article 360, when he is satisfied that there is a situation in which financial situation is deteriorating or credit of India is under threat, till now no financial emergency has been imposed in India

President of India 1.     Qualification of President of India 2.     Veto Powers of President of India 3.     Financial Powers of President of India 4.     Constitutional Powers of President of India 5.     Executive Powers of President of India 6.     Emergency Powers of President of India 7.     Military Powers of President of India 8.     Legislative Powers of President of India 9.     Judicial Powers of President of India