- Finance Ministry (Budget Division, Dept. of Economic Affairs):
- Prepares the Union Budget.
- Parliament (Lok Sabha and Rajya Sabha):
- Lok Sabha: Budget is presented here. General discussion happens. Votes on Demands for Grants. Passes Appropriation Bill and Finance Bill. Has final say on Money Bills.
- Rajya Sabha: General discussion happens. Does not vote on Demands for Grants. Can make recommendations on Money Bills, but Lok Sabha is not bound.
- President:
- As per Article 112, causes the Annual Financial Statement (Budget) to be laid before both houses.
- Contingency Fund of India is kept at the disposal of the President.