Detailed Solution:
The correct answer is “Vote on Account – Parliamentary sanction of all budgetary demands for grants in a financial year. ”.
1) A Policy Cut Motion seeks to reduce the budget demand to Rs. one, thereby indicating disapproval of the policy underlying the demand.
2) An Economy Cut Motion aims to reduce the budget demand by a specified amount, focusing on the need to economize expenditure.
3) A Token Cut Motion seeks to reduce the budget demand by a nominal amount, such as Rs. one hundred, to highlight a particular issue or concern.
4) A vote on account, as defined by Article 116 of the Indian Constitution, is a grant in advance for the central government to meet short-term expenditure needs from the Consolidated Fund of India, generally lasting for a few months till the new financial year kicks in.