The financial powers of the President of India are detailed in various articles of the Constitution of India.
1. Article 112: Annual Financial Statement (Union Budget):
- Article 112 mandates that the President of India shall, at the commencement of every financial year, lay before the House of the People (Lok Sabha) a statement of the estimated receipts and expenditures of the government for that year. This statement is commonly known as the Union Budget.
2. Article 113: Procedure in the Parliament with Respect to Money Bills:
- Article 113 specifies that a money bill can only be introduced in the Lok Sabha, and it must receive the President’s assent for it to become law. The President cannot withhold their assent or return a money bill for reconsideration.
3. Article 114: Assent to Bills:
- Article 114 grants the President the power to assent to bills passed by both Houses of Parliament. The President’s assent is necessary for a bill to become law.
4. Article 115: Supplementary, Additional, or Excess Grants:
- Article 115 empowers the President to recommend to the Parliament the grant of supplementary, additional, or excess grants for the expenditure of the government.
5. Article 116: Votes on Account:
- Article 116 provides for the grant of votes on account for a part of the financial year if the budget is not presented or is not passed before the commencement of the new financial year.
6. Article 117: Special Procedure in Respect of Money Bills:
- Article 117 outlines the special procedure for the passing of money bills. It specifies that a money bill can be introduced only in the Lok Sabha, and the Rajya Sabha can make recommendations on it, but the Lok Sabha is not bound by them.
7. Article 118: Rules of Procedure:
- Article 118 empowers each House of Parliament to make its own rules for regulating its procedure and the conduct of its business, subject to the provisions of the Constitution.
8. Article 119: Regulation of Procedure in Parliament in Relation to Financial Business:
- Article 119 provides that the President shall, at the recommendation of the Governor of the state, lay before the House of the People the annual financial statement of the state.
9. Article 266: Consolidated Funds and Public Accounts of India:
- Article 266 deals with the Consolidated Fund of India and the Public Account of India. The President has the power to authorize the expenditure of funds from the Consolidated Fund.
10. Article 267: Contingency Fund of India:
- Article 267 establishes the Contingency Fund of India. The President has the authority to make advances out of this fund for the purposes of meeting unforeseen expenditure.
11. Article 280: Finance Commission:
- Article 280 empowers the President to appoint a Finance Commission at intervals not exceeding five years to recommend the distribution of the net proceeds of taxes between the Union and the states and the principles governing grants-in-aid to states.
12. Article 360: Financial Emergency:
- Article 360 provides for the declaration of a financial emergency by the President, empowering the President to issue directions to the states to observe certain principles of financial responsibility.
13. Article 361: Protection of the President and Governors and Rajpramukhs:
- Article 361 grants the President and the Governors certain immunities from legal proceedings during their terms of office.
These articles collectively establish the framework for the financial powers of the President of India, emphasizing the importance of parliamentary oversight, responsible financial management, and the President’s role in the budgetary process.
