The President of India has some financial powers that are mentioned in the Constitution of India. These powers are as follows:
- Money Bills: The President has the power to approve or withhold his assent to a money bill passed by the Parliament. If he withholds his assent, the bill fails to become law.
- Financial Emergency: Under Article 360 of the Constitution, the President can proclaim a financial emergency if he is satisfied that the financial stability or credit of India is threatened.
- Presentation of Annual Budget: The President is required to lay the annual budget before the Parliament.
- Appointment of Finance Commission: The President appoints a Finance Commission every five years to recommend the distribution of taxes between the Central and State governments.
- Control over Contingency Fund: The President has control over the Contingency Fund of India, which is used to meet urgent and unforeseen expenditures.
- Control over Public Debt: The President has the power to make rules for the regulation of public debt.
- Financial Sanction: The President has the power to sanction expenditure from the Consolidated Fund of India.
It is important to note that the President’s financial powers are limited by the advice of the Council of Ministers headed by the Prime Minister. The President must act in accordance with the advice of the Council of Ministers while exercising his financial powers.
