Who in respect of every financial year cause to be laid before both the Houses of Parliament, a statement of the estimated receipts and expenditure of the Government of India for that year, which is known as "annual financial statement''?a)Presidentb)Finance Ministerc)Speaker of the Housed)Prime MinisterCorrect answer is option 'A'. Can you explain this answer?

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CLAT Exam > CLAT Questions > Who in respect of every financial year cause...

a)
President
b)
Finance Minister
c)
Speaker of the House
d)
Prime Minister

Correct answer is option 'A'. Can you explain this answer?

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Who in respect of every financial year cause to be laid before both t...

The President shall in respect of every financial year cause to be laid before both the Houses of Parliament a statement of the estimated receipts and expenditure of the Government of India for that year, in this Part referred to as the "annual financial statement".

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Annual financial statement (a statement of the estimated receipts and expenditure of the stat e) at the end of every financial year shall be laid before the house or houses of state legislature by.

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Direction: Read the following passage carefully and answer the questions given below:If we ignore the hype that accompanies and follows the presentation of the Central government’s annual Budget, there are principally two strands in it that have attracted attention. The first is the claim of Finance Minister that in a growth-accelerating intervention, the step-up in capital or investment expenditure during the second government term is to be sustained with rise from the 2022-23 revised estimate of Rs.7.3 lakh crore to Rs.10 lakh crore in 2023-24. The second is the evidence that budgetary allocations point to significant reductions or scaling down of growth in social and welfare expenditures in several areas, from the employment guarantee programme to health.Budgetary provisions for the coming financial year are hardly sacrosanct. Most allocations fall short of budgeted estimates by the end of the year. And some are increased, based on supplementary demands, during the year. Moreover, ever since the presentation of the Budget has been brought forward from the last day of February to the first day, even the revised estimates of revenue mobilised and expenditures incurred in the ongoing financial year are more in the nature of projections, as there are still two months left in the financial year and actual data for the most recent month/s have not been collated yet. Given the evidence that the government has turned increasingly callous when ensuring the integrity of official statistics, it is to be expected that some of these revised estimates are also influenced by larger agendas embedded in the Budget. For example, in what is an implausible coincidence, receipts from both corporation and income taxes as per the revised estimates for 2023-24 are both exactly Rs.1.15 lakh crore higher than the budgeted figures of Rs.7.2 lakh crore in the case of the former and Rs.7 lakh crore in the latter. What needs to be assessed, therefore, are the larger trends the Budget bares, especially the two noted earlier. What has surprised many is the Finance Minister’s decision to refrain from hiking expenditures and cut back on social spending in a pre-election year, which makes this Budget the last full Budget to be presented during the second term government.Q.What are the two main aspects of the Central governments annual Budget discussed in the passage?

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The government and the Opposition are headed on a collision course in the Budget session of Parliament, with the latter planning to move a joint motion demanding a repeal of the three laws that are agitating farmers in much of the country. The confrontation over these laws is a legacy of the last session when they were passed without detailed and proper consultation with political parties, experts and farmer representatives. The session began with around 20 Opposition parties boycotting the President’s address to a joint sitting of Parliament. BSP President Mayawati belatedly announced her party’s decision to also stay away as a mark of protest. The delay clearly outlined her intention to keep a distance from the Opposition bloc, which among others has the Congress and the Samajwadi Party. The boycott indicated a worsening of the relationship between the government and the Opposition. In January 2020, the Opposition had attended the President’s address wearing black bands. The last time the Opposition boycotted the President’s Address was in November 2019 to commemorate the Constitution Day. President Ram Nath Kovind said the government would keep the farm Bills on hold as per a Supreme Court directive but did not indicate any rethink.The government has advantages over the Opposition, in terms of the numerical strength in both Houses of Parliament. With the Tamil Nadu and West Bengal Assembly elections round the corner, two key Opposition parties, the DMK and the Trinamool Congress, are expected to be largely absent, further reducing the Opposition’s strength. The Opposition, despite its united front on the first day of the session, has a record of disintegrating in the face of the BJP’s manoeuvring in previous sessions. There will be discussion on the Motion of Thanks to the President and later on the Budget. As of now there are no indications of the Opposition skipping these events. In legislative business, recent ordinances such as the Arbitration and Conciliation (Amendment) Ordinance, 2020, which has provisions to deal with domestic and international arbitration and defines the law for conducting conciliation proceedings, and the Jammu and Kashmir Reorganisation (Amendment) Ordinance, 2021, which is for merging the J&K cadre of All India Services Officers such as the IAS, IPS and the Indian Forest Service with the Arunachal Pradesh, Goa, Mizoram Union Territory (AGMUT) cadre, will have to get a parliamentary nod. The government draws its legitimacy from a parliamentary majority, but democratic conduct is more than enforcing the will of the majority. The government’s conduct in Parliament and outside, where its critics are facing the strong arm of the state machinery, should meet the high standards India has set for itself as a democracy.Q. Which of the following is true with respect to the opposition? 1. The opposition has a united front 2. The opposition is scattered among themselves 3. The opposition proposed a joint session

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Read the following passage and answer the question as directed.The Rajya Sabha on 12thDecember, 2019 passed the {X} Authority Bill, 2019 towards setting up a unified authority to regulate all financial services in {X} in the country.The {X} cater to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. London, New York and Singapore can be counted as global financial centres. The first such centre in India has been set up at GIFT City in Gujarats Gandhinagar. {X} can be set up in an SEZ or as an SEZ after approval from the Centre.{X} would also provide Indian companies easier access to global financial markets and also enable the development of financial markets in India."In a path breaking reform, both Houses pass {X} Authority Bill, 2019. It will set up world class unified regulator for international financial services combining powers and functions of RBI, {Y}, IRDAI And PFRDA", economic affairs secretary Atanu Chakraborty said in a tweet.According to the Bill, the authority comprise a chairperson, and one member each nominated by the Reserve Bank of India (RBI), {Y}, the Insurance Regulatory and Development Authority of India (IRDAI) and the Pension Fund Regulatory and Development Authority (PFRD

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President's rule has been imposed in Puducherry. President’s Rule was imposed in Puducherry following a recommendation by the Union Cabinet after a Congress-led government lost power in the Union Territory in a vote of confidence. The notification, signed by President Ram Nath Kovind, said the decision was taken after the president received a report from the administrator of the Union Territory of Puducherry on February 22.It said after considering the report and other information received by him, the president was satisfied that a situation had arisen in which the administration of the Union Territory of Puducherry could not carry on in accordance with the provisions of the [X]. The notification also said the Legislative Assembly of the Union Territory is placed under suspended animation.V Narayanasamy, who led the Congress government in Puducherry, resigned on Monday ahead of the confidence vote after his government was reduced to a minority following a spate of resignations by his party MLAs and a DMK legislator in recent days.The Ministry of Home Affairs on Thursday issued a notification of imposing President's rule in Puducherry after President Ram Nath Kovind was satisfied with the report of the Administrator of the Union Territory. Polls are due in the union territory soon and the BJP and its allies have not staked claim to form government.""I, Ram Nath Kovind, President of India, have received a report from the Administrator of the Union territory of Puducherry dated 22nd February 2021 and after considering the report and other information received by me, I am satisfied that a situation has arisen in which the administration of the Union territory of Puducherry cannot be carried on in accordance with the provisions of the [X]."Q. Which of the following is NOT true with respect to President's Rule in India?

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Who in respect of every financial year cause to be laid before both the Houses of Parliament, a statement of the estimated receipts and expenditure of the Government of India for that year, which is known as "annual financial statement''?a)Presidentb)Finance Ministerc)Speaker of the Housed)Prime MinisterCorrect answer is option 'A'. Can you explain this answer?

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Who in respect of every financial year cause to be laid before both the Houses of Parliament, a statement of the estimated receipts and expenditure of the Government of India for that year, which is known as "annual financial statement''?a)Presidentb)Finance Ministerc)Speaker of the Housed)Prime MinisterCorrect answer is option 'A'. Can you explain this answer? for CLAT 2025 is part of CLAT preparation. The Question and answers have been prepared according to the CLAT exam syllabus. Information about Who in respect of every financial year cause to be laid before both the Houses of Parliament, a statement of the estimated receipts and expenditure of the Government of India for that year, which is known as "annual financial statement''?a)Presidentb)Finance Ministerc)Speaker of the Housed)Prime MinisterCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for CLAT 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Who in respect of every financial year cause to be laid before both the Houses of Parliament, a statement of the estimated receipts and expenditure of the Government of India for that year, which is known as "annual financial statement''?a)Presidentb)Finance Ministerc)Speaker of the Housed)Prime MinisterCorrect answer is option 'A'. Can you explain this answer?.

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