What is the relevance of "Explanatory memorandum" in the context of this text?
The "Explanatory memorandum" is relevant in the context of this text as it provides a detailed explanation or clarification of the action taken by the President on the recommendations made by the Finance Commission under the provisions of the Constitution. It helps to ensure transparency and accountability in the process, allowing both houses of Parliament to have a clear understanding of the decisions made and their implications for public finances.