Which of the following are Financial Committees of Indian Parliament ?

Correct Answer: C. (A), (B) and (C)

Explanation: Standing Committees These are formed every year. The work continues continuously. Their recommendations are advisory in nature. Three major financial committees + 24 departmental committees + others. (A) Financial Committees (1) Public Accounts Committee (PAC) ● Established in – 1921 (based on the Government of India Act 1919). ● Number of members – 22 (Lok Sabha 15 + Rajya Sabha 7). ● The Speaker has been from the opposition since 1969. First Speaker: Minu Masani (1969). ● Work - ○ Investigation of legality, irregularities, corruption, wastage and inefficiency in expenditure of money by the executive. ○ It works on the basis of the report of the Comptroller and Auditor General (CAG). ○ It is called the “watchman of public money” and friend of CAG. ● Criticism – It only performs “autopsy” (i.e. review after the money has been spent). ● Members of Lok Sabha – elected by the system of proportional representation by single transferable vote. ● Member of Rajya Sabha – Nominee. ● No minister can be a member. (2) Estimates Committee ● Established – 1950 (on the recommendation of Finance Minister John Mathai). ● Members – 30 (all from Lok Sabha). ● Ministers cannot be members. ● Election – By single transferable vote system. ● Function – To give suggestions for economy in government expenditure. (3) Public Enterprises Committee ● Established in – 1964 (on the recommendation of Krishna Menon Committee). ● Number of members – 22 (Lok Sabha 15 + Rajya Sabha 7).