Answer: Three Financial Powers of the Union Parliament are:
Financial Powers of the Union Parliament
(i) It passes the Union Budget.
(ii) It can make supplementary grants if the amount authorized is insufficient.
(iii) If the Budget is not Passed before April 1, then there would be no money for the executive to spend. To provide money to the executive for day-to-day expenditure till the passage of budget a “Vote on Account” is passed.
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The Union Legislature
The Union Parliament consists of the President and two houses—The House of People commonly known as the Lok Sabha and the Council of States known as the Rajya Sabha. The Parliament is a body of people’s representatives who have the supreme power and authority of governance in a democratic country. Read more