Financial Powers of the President of India

As the head of the state, the President of India holds a significant role in the financial administration of the country. Some of the financial powers of the President of India are as follows:

1. Financial Bills: The President of India has the power to either give or withhold his assent to any financial bill passed by the Parliament. These bills include the budget, appropriation bills, and taxation bills.

2. Money Bills: If any money bill is passed by the Lok Sabha, the President has the power to either give or withhold his assent to the bill. However, the Rajya Sabha has no power to amend or reject the money bill.

3. Financial Emergency: In case of a financial emergency, the President of India has the power to declare a state of emergency under Article 360 of the Indian Constitution. During this period, the President can direct the states to follow certain financial procedures and suspend the financial autonomy of the states.

4. Recommendations: The President of India has the power to recommend financial matters to the Parliament or to the Prime Minister. He can also ask the Prime Minister or any other minister to submit reports on any financial matter.

5. Appointments: The President of India appoints the Governor of the Reserve Bank of India, the Comptroller and Auditor General of India, and the Chairman and Members of the Finance Commission.

Conclusion

In conclusion, the President of India holds significant financial powers and plays an important role in the financial administration of the country. These powers include the power to give or withhold assent to financial bills, declare a state of financial emergency, make recommendations, and make important appointments.

The financial powers of the President of the India are :-

(1) To introduce the money bill, his prior recommendation is a must.

(2)He causes Union Budget to be laid before the Parliament.

(3) To make a demand for grants, his recommendation is a pre-requisite.

(4) Contingency Fund of India is under his control.

(5) He constitutes the Finance Commission every five years.