Multiple choice general knowledge

Whenever our Annual Budget is presented in the Parliament, it is usually followed up with discussions and debates. When does the Budget actually takes the form of Finance bill to be implemented with subsequent financial year?

  1. After cleared by the leader of opposition in the parliament

  2. After both houses of parliament approves it

  3. After it is approved by the Finance Minister

  4. After both houses of parliament approves it, followed by assent given by our President of India
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Budget becomes a Finance Bill only after being passed by both Lok Sabha and Rajya Sabha, AND then receiving the President's assent. This is because the Finance Bill is a Money Bill under Article 110, which requires Rajya Sabha's recommendation (it cannot reject Money Bills) and finally the President's approval under Article 111 to become law and enable implementation.

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