Explain the process involved in passing Annual Financial Statements.
The process involved in passing the Annual Financial Statement is as follows:

1. Preparation of the annual financial statement: The Finance Minister presents the annual financial statement to the Parliament, which outlines the estimated expenditure and receipts of the government for the coming financial year.
2. Presentation in Lok Sabha: The finance minister introduces the annual financial statement in the Lok Sabha, where it is examined by the Estimates Committee or the Public Accounts Committee. These committees scrutinize the estimates and make recommendations to improve the financial health of the country.
3. Discussion and voting on demands for grants: Once the examination process is complete, the annual financial statement is discussed in detail by members of both houses of Parliament. The House then votes on the various demands for grants, which are the allocations made for different ministries and departments.
4. Appropriation Bills: After the demands for grants have been voted upon, the Appropriation Bills are introduced to authorize the actual expenditure as per the approved estimates. These bills must be passed by both houses of Parliament before they become law.
5. Assent to Bills: Once the Appropriation Bills are passed by both houses, they are sent to the President for his assent. After receiving the assent, the bills become acts and enable the government to spend the approved amounts on various ministries and departments.