Paper I · 5 Indian Polity & Governance · 5.2.2 Parliament

5.2.2.7 Budget, grants and the three funds

The Constitution calls the budget the "Annual Financial Statement"; the Lok Sabha votes the grants, no money leaves the Consolidated Fund without a law, and no tax is levied without a law.

  • APPSC Paper I · Paper I
  • Standard level
  • 7 min read
  • Full course

Key terms

  • Annual Financial Statement
  • charged expenditure
  • demands for grants
  • cut motions
  • guillotine
  • Appropriation Bill
  • Finance Bill
  • vote on account
  • vote of credit
  • Consolidated Fund
  • Public Account
  • Contingency Fund

What this note covers

  1. Core factsFoundation
  2. ExplainedStandard
  3. DeeperAdvanced
  4. Mains writingMains writing
  5. Common trapsFoundation
  6. Quick revisionFoundation

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