Nandini Maharaj is teaching live on Unacademy Plus
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ABOUT ME o BA (Hons.) History o Lady Shri Ram College for Women o MA Applied Human Rights o Sheffield Hallam University o Kapila Hingorani Scholar o Hobbies: reading, dancing Rate, review and recommend! o Follouw me e https://unacademy.com/user/NandiniMaharaj
TOPICS FUNDS Consolidated fund of India Public account of India Contingency fund of India
Funds o The Constitution of India provides for the following three kinds of funds for the Central government: 1. Consolidated Fund of India (Article 266) 2. Public Account of India (Article 266) 3. Contingency Fund of India (Article 267)
Consolidated Fund of India o It is a fund to which all receipts are credited and all payments are debited. In other words, (a) all revenues received by the Government of India, (b) all loans raised by the Government by the issue of treasury bills, loans or ways and meahs of advances; and (c) all money received by the government in repayment of loans forms the Consolidated Fund of India
o All the legally authorised payments on behalf of the Government of India are made out of this fund, No money out of this fund can be appropriated (issued or draun) except in accordance with a parliamentary Law,
Public Account of India o All other public money (other than those which are credited to the Consolidated Fund of India) received by or on behalf of the Government of India shall be credited to the Public Account of India. This includes provident fund deposits, judicial deposits, savings bank deposits, departmental deposits, remittances and so on. o This account is operated by executive action, that is, the payments from this account can by made withoub parliamentary appropriation. Such payments are mostly in the hature of banking transactions.
Contingency Fund of India o The Constitution authorised the Parliament to establish a Contingency Fund of India', into which amounts determined by lau are paid from time to time. Accordingly, Ehe Parliament enacted the contingency fund of india Act in 1950 o This fund is placed at the disposal of the president and he can make 'advances out of it to meet unforeseevn expenditure pending its authorisation by the Parliament The fund is held by the finance secretary on behalf of president. Like"Ehe public account of India, it is also operated by executive action.
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