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Parliament Of India

Parliament Of India

Parliament of India

Under the Constitution of India, the President enjoys dual official position. On the one hand the executive power of the Union is vested in the President and -Tt the same time he is an integral part of the Parliament. The relationship between the iwo is determined on the basis of the dual position of the President. Both authorities have certain obli­gations and powers with respect to each other under various pro isions of the Constitution; which are explained below :

Parliament’s Powers and Res­ponsibilities witli Respect to the President

(1)    The elected members of the Parliament participate in the election of the President along with the elected members of the Legislative Assemblies of the States. It should be noted that the total value of the voles of all the members of Parliament is equal to the total value of the votes of all the Legislative Assemblies of the States. This arrangement has been made keeping in view the federal nature of our political system. Thus, .he Parliament has an important role in the election of the President.

(2)   The Parliament has the power to remove the President from his office by passing an Impeachment Motion, supported by not less than two-thirds majority oi the total mem­bership in each House separately in the same session of the Parliament. The Impeachment Motion may be introduced in either Mouse of Parlia­ment on the giound of violation of the Constitution.

(3)   The Declaration of any kind of Emergency by the President under Articles 352, 356 or 3f>0 cannot remain in force if not’ approved by the Parliament within the stipulated period. Thus the Parliament has an important role in the election and removal of the President.

B) President’s Powers and Res­ponsibilities with Respect to the Parliament

The President also has certain powers and functions with respect to Parliament, which are given below :

(1)   The President dissolves the Lok Sabha on the advice of the Coun­cil of Ministers and nominates ‘wo members of Anglo-Indian community in the Lok Sabha and 12 members in the Rajya Sabha.

(2)   The President addresses the first joint meeting of the two Houses after each General election and the first joint meeting at the beginning of each year.

(3)   The President may send mes­sages to each House of Parliament with respect to any matter pending before the Parliament.

(4)   The President summons the sessions of Parliament a» and when required and call the Joint Sitting of the two Houses in case of deadlock between the two Houses on an ordi­nary Bill.

(5)   He has power to grant assent to the Ordinary Bills passed by the Parliament or withhold his assent from such Bills or refei back these Bills to the reconsideration of the Parliament. However, he cannot withhold his assent to the Money Bills or the Constitution Amendment Bills passed by the Parliament.

t6) The President may pro­mulgate Ordinances if the Parliament is not in session and the enactment of law is required in public interest. However, any such ordinance cannot remain in force if not approved by the Parliament within a period of six weeks from the date of commence­ment of session of Parliament.

From the foregoing discussion, it can be concluded that both the Parliament and the President have important powers and functions with respect to each other. In this respec* the President has to perform a very delicate role as he is at the same time an integral part of both the Union Executive and the Union Legislature.

In democracy, popularly elected institution;; such as the Parliament or State Legislative Assemblies repre­sent the will of people. They perform the important function of law making which forms the basis of functioning of a democratic political system. In order to enable the members of Parliament to perform their functions without any prejudice or pressure, the members are given certain rights and special treatment, which are known as Parliamentary privileges. In fact privileges are those rights which are available to a class ol persons but not available to others. According to Subhash Kashyap, a noted authority on Parliament, privi­lege means a special or exceptional right or freedom or an immunity enjoyed by a particular cla<s of persons or some individuals. It is special in the sense that it is a right or freedom which is not available to the rest of the people.

The Parliamentary privileges are available only to two Houses, their members and their Committees. Though the President is a part of the Parliament he is not covered by these privileges. However, the President enjoys immunity on certain criminal and civil matters as specified in the Constitution. The rationale behind granting these privileges is that they enable the members of Parliament and its Committees to maintain their independence of action and dignity of position, while per­forming their duties or discharging their responsibilities.

It should be noted that the pri­vileges are available to members of Parliament and its Committees only during the period and to the extent 300 SDR. This fund was canted from Ihe profits obtained by selling the gold reserves of IMF. In March 1986, structural adjustment facility was initiated to help the poor countries in improving their balance of payment system by structural adjustments. This assistance is given from the Special Disbursement Account, it is provided only to those countries which are eligible to get aid from the International Development Associa­tion (IDA). Extended structural adjustment facility was also started from April 19S3 for very poor coun­tries. For this purpose, the resources were raised by special contributions.

The technical assistance and advice provided by the fund to its members is an integral part of its activities. These take many forms, which operate at ali levels of autho­rity and cover a wide array of topics-ranging from broad policy issues to narrow technical problems. Much of the assistance provided by the fund is in the nature of regular/annual consultations with members which provide an opportunity for review and appraisal of the country’s econo­mic and financial situation When a member country develops a financial stabilisation programme, the fund assists in its execution and in moni­toring its effectiveness. IMF also advises its members on specific, economic and financial problems encompassing aspects of general economic policy, problems arising from inflation, exchange and trad.1 system, balance of payments, macro economic modelling, computer pro­gramme for economic analysis and data processing.

In May 1964, IMF institute was established to conduct various courses for officials in Washington. In order to provide technical assistance in the field of central banking, die central banking service was started in 1963. The Fiscal Affairs department was created in 196-1 to provide technical assistance in public finance. IMF also created a legal department to render technical assistance in banking, cen­tral banking, currency exchange and negotiable instruments in close asso­ciation with the centra! banking service. It also renders technical assis­tance in fiscal affairs in close associa­tion with the fiscal affairs department involving primarily the drafting of legislation on individual and corpora­tion income taxes, direct taxes, capital gain taxes and land taxes India and IMF

India has close relationship with IMF. It has been giving its contribu­tion in the execution of its functioning and policy making. India has been benefited many times by the advice and economic aid of IMF. It is one of the founder members of IMF. Finance minister is the ex-officio governor in the board of governors of IMF. RBI is the alternate governor. India is repre­sented at the IMF by an executive director who represents three other countries, viz. Sri I anka, Bangladesh and Bhutan. India ranked 5th till 1<>70 among the countries which had the largest quota in IMF. At present India has lost her permanent membership because her quota in IMF ranks 11th which is less than the first five coun­tries. India’s current quota in IMF is SDR 4158-20 million.

On the starting of IMF, Indian Rupee was equal to 0-268601 gm pure gold or 30-25 American, cent but in December 1949 it was devalued and was fi ,ed equal to 0186621 gm gold. On January 6, 1966 it was again devalued and stood equal to 0-118489 gm gold. At the end of parvalue system, Indian Rupee was related to the pound sterling. After it, it was affiliated to a basket of currency. Now the exchange rate of rupee is deter­mined on the basis of free market.

During the year 2002-06 India has made purchases transaction of Silks 493-230 million and four repur­chase transactions of SDKs 466-474 million. On July 2004, India and IMF established a joint training pro­gramme in national banking mana­gement Institute at Pune. First train­ing programme was started in July 2006. India also donates money in Subsidy Account of IMF. India has paid 10 lakh dollar as 13th annual instalment in the Subsidy Account of Poverty Reduction Growth Facility (PRGF) during July 2006. India pro­vided 2i):i million dollar in two separate instalments of IMF as loan under Financial Transaction Plan in May and June 2003.

IMF at one side has benefited its member countries by providing help in balance of payments, determining their exchange rates, spreading of technical knowledge, improving international economic relations, act­ing as a friend at the time of need and making member countries free from political pressure while on the other side, it has often tailed in achieving stability in exchange rates (the value of various currencies is increasing or decreasing in the open market), achieving stability in the prices of gold; establishing a free trade system, getting stability in international money market. However IMF func­tions as a light-house for monetary and financial hindrances. It manages the financial oil for the economic machine of the world. It is in reality an international institution which helps the needy countries at the time of financial difficulties in balance of payments.

Finally it may be said that IMF has strengthened the monetaiy disci­pline among its members by timely assisting them to tide over their balance of payments deficits. It has helped the members in technical mat­ters relating to fiscal and monetary policies, debt servicing, balance of payments, currency devaluation etc. IMF working during last 62 years since 1947 shows that all huS not been well with it. It has met only with limited success. Members have vio­lated Fund’s rules regarding the alteration in the par values of the currencies. The countries whose currencies were in short-supply did not take any material step to rectify it. 



04 Jun, 2020, 14:51:49 PM