The financial powers and functions of the President include: (a) Money bills can be introduced in Parliament only with his prior recommendation. (b) Causing the annual financial statement (Union Budget) to be laid before Parliament. (c) No demand for a grant can be made except on his recommendation. (d) Making advances out of the Contingency Fund of India for unforeseen expenditure. (e) Constituting a finance commission every five years to recommend revenue distribution between Centre and states.