FUNDS

“Public Funds” is the primary source by which the government intends to collect substantial resources through allocating shares, bonds and debentures. The process of collecting public funds mainly vitalizes the operation and key functioning of the purposes which are to be served. This public funds includes non-taxable money that are particularly used for enhancing the level of operation and that are typically being considered. The public funds are also subject to exemption and repayment of value that are substantiated by ultimate operations which are to be served. Moreover, Public Funds have a strong potential that strongly operates as the integrated source of serving the global community collectively. 

Funds of India 

“Meaning of the Funds”- can be described as the sum of the money that is available or given by the government for a particular purpose. The purpose for this fund is to give potential support to the poor who cannot provide money for their study and for higher level of examination.   “Funds of India” consists of the “Consolidated Fund Of India” (Article 266), “Contingency Fund of India” (Article 267) and “Public Accounts of India” (266) which are mentioned in the Indian Constitution and are there to serve the allocated funds to the public holders. 

Description of the Types of the Fund of India 

“Consolidated Fund of India” under the constitution of Article 266 (1) of the Indian constitution speaks about the Fund that is the account of the revenue the government of India receives through the income tax. The fund gets the credit through the money which is raised by governments which may include the loans through the public and the Treasury bill. In Fact the fund gets the credit from the foreign government. On the contrary whatever the money is spent is directed to the expenditure of the government. However, it has to be kept in mind that the Government cannot withdraw any type of fund from this account without the definite approval of the parliament. 

The “Contingency Fund of India” says that the fund is used if any type of emergency comes to India. Government has its own fund which consists of more than Rs 500 crore as a side. The contingency fund of the Union Government is at disposal of the President of India. The Indian Government releases the fund with the approval of the President.  “Public Accounts of India” under the constitution of Article 266 which speaks about the Public Account as the amount that is received particularly from the government of India. The money is actually carried out by the government as the core service of provident fund and a small saving collection. 

Money is also kept apart for the expenditure in fields for developing the country and for help from the state.  It has to be noted that Funds do not have any part of the government and have to be given to the creditor.  The authorization from the parliament is not needed for such payment into the fund. In spite of that, withdrawing money approval from the Consolidation funding required approval from Parliament. It has to be kept in the personal Account for the spending for the specific reason and has to be submitted to the government. 

Purpose for “Funds of India”

The purpose for the “Contingency Fund of India” is the fund that has been designed for meeting any type of unfortunate emergency that requires cash or liquid assets. The primary objective of the Fund is that it helps in the enhancement of financial stability. It also provides protection for the financial plan in the case of any type of emergency. The fund is held by the Finance Secretary on the behalf of the President of India. The importance and objective of the “Consolidated Fund of India” is important for the government Accounts receiving the revenue by the government and to see the expenses made for it.  Revenue received by the government is by direct or the indirect tax and is borrowed from the loans given by the government into the fund.   

The purpose of “Public Account of India” consists of “Public Accounts Committee” (PAC), which consists of the committee selection of members of parliament. The main aim of the committee is to audit the revenue and the expenditure of the Government of India. It occurs through the payer who is depositing the cask back to the government. This actually helps in creating a strong bond within themselves for better union.

Conclusion 

Considering all things, The Government of India has been using the fund significantly for helping the people around India, as not only they provide medical aid and may be to the student. It has been seen that due to some natural calamities that happen financial aid to people who are affected by the natural calamities. Moreover, on a concluding note, it is to be expressed that raising of public funds is a fundamental step that is to be done in order to serve the wide betterment across the global people.