Updated for 2026 Syllabus Detailed Explanations High-Yield Core Concepts

Bank Promotion Exam Guide

Banking Awareness | Banking Knowledge | for all Bank Exams

Module: General Practice

Q45: With reference to the Constitutional provisions for the Budget, consider the following statements:

The term "Budget" is not mentioned in the Constitution of India; it is referred to as the "Annual Financial Statement."




The Budget must be presented under Article 112 of the Constitution.




No demand for a grant can be made except on the recommendation of the President.
A
1 and 2 only
B
2 and 3 only
C
1 and 3 only
D
1, 2, and 3
✅ Correct Answer: D
All statements are CORRECT.
Article 112 uses "Annual Financial Statement," not "Budget." Article 113(3) mandates the President's recommendation for any demand for grant.
This constitutional framework underpins the presentation of the Union Budget 2026-27.