SSC Selection Post 2020 PYQ — Question 37

The correct answer is option 4 i.e. Article 112.

• Article 112 of the Indian Constitution makes provisions regarding the 'Annual Financial Statement' of the country.
• It is divided into three parts: the Consolidated Fund, the Contingency Fund and the Public Accounts. For each of these funds, the government has to submit a statement of receipts and expenditure.
• The Union Budget is presented by the Government on the 1st of February every year, allowing sufficient time for its implementation before the new financial year begins on 1st April.
• The budget is introduced through the Finance Bill and the Appropriation Bill, both of which must be passed by the Lok Sabha before they can take effect.
• Since India's independence in 1947, the country has seen a total of 73 annual budgets, 14 interim budgets, and 4 special or mini-budgets.

Other Options:

• Article 123 – Power of the President to promulgate Ordinances.
• Article 136 – Special Leave to Appeal by the Supreme Court.
• Article 141 – Law declared by the Supreme Court to be binding  on all courts.