With reference to Union Budget, consider the following statements:
1. The Union Finance Minister on behalf of the Prime Minister lays the Annual Financial Statement before both the Houses of Parliament.
2. At the Union level, no demand for a grant can be made except on the recommendation of the President of India.
Which of the statements given above is/are correct?

Correct option is B

Statement 1 is incorrect.

The Union Finance Minister is the one who presents the Annual Financial Statement (AFS), commonly known as the Union Budget, before both the Lok Sabha and the Rajya Sabha. This is done on behalf of the President of India, not the Prime Minister. The President is constitutionally empowered under Article 112 to cause the AFS to be laid before Parliament. However, the Prime Minister does not have a formal role in presenting the budget.

Statement 2 is correct.

Under Article 113 of the Indian Constitution, no demand for a grant can be made except on the recommendation of the President of India. This is a constitutional requirement to ensure that the executive branch, under the control of the President, formally approves any financial requests before they are debated and approved by Parliament. This procedure is designed to maintain fiscal discipline and the proper authorization of funds.