DMPQ- Explain the following: a) Financial Act b) Appropriation Act

Appropriation Act:  The Appropriation Bill under the Indian Constitution is related to the Budget making process by the Government. According to Article 114 of the Indian constitution, no money can be withdrawn from the Consolidated Fund of India ( which basically comprises of the major fund of the govt. of India) to meet specified expenditure except under an appropriation made by Law.

The Appropriation Bill becomes the Appropriation Act after it is assented to by the President. This Act authorises (or legalises) the payments from the Consolidated Fund of India. This means that the government cannot withdraw money from the Consolidated Fund of India till the enactment of the appropriation bill.

Finance Bill – Finance Bill is introduced in Lok Sabha every year immediately after the presentation of the General Budget to give effect to the financial proposals of the Government of India for the following financial year. After the bill has been passed by the parliament the bill goes for President assent and it finally becomes and act.

 

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