1. The Union Finance Minister on behalf of the Prime Minister lays the Annual Financial Statement before both the Houses of Parliament.
2. At the Union level, no demand for a grant can be made except on the recommendation of the President of India.
Which of the statements given above is/are correct?
(a). 1 only
(b). 2 only
(c). Both 1 and 2
(d). Neither 1 nor 2
Explanation:
The Annual Financial Statement, also known as the Union Budget, is presented in Parliament by the Finance Minister on behalf of the President.
Article 112 of the Indian Constitution states that no money bill can be introduced except on the recommendation of the President. A money bill deals with the imposition, abolition, regulation, or alteration of taxes and other financial matters.
So, the correct answer is (c). Both 1 and 2