Indian Polity :- Types of Funds in Indian
(EdduLite)
Types of Funds in Indian
Indian Constitution provides three kinds of funds for the Central government, Which Are
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 :-
· It is a fund to which all revenues, all loans, all money received by the government like treasury bills, loans or ways and means of advances are credited and all payments are debited. All the legally authorized payments on behalf of the Government of India are made out of this fund. And by only appropriated bill from Parliament money can be use from the Consolidated Fund. The expenses under this category include salaries and allowances of
1. The President
2. The Speaker
3. The Deputy Speaker of the Lok Sabha
4. Chairman and Deputy Chairman of the Rajya Sabha
5. Supreme Court judges
6. Supreme Court and High Court judges
Public Account of India :-
All The public money which received by the Government of India shall be credited to the Public Account of India. Money held by the government in a trust like Provident Funds, Small Savings collections, judicial deposits, remittances and so on are kept in the Public Account.
Contingency Fund of India :-
Contingency Fund is created as an impress account to to meet unforeseen expenditure pending of the government. The fund is held by the finance secretary on behalf of the president. Without president Permission Government can not use Contingency Fund. In 2005, the amount of the fund was raised from Rs 5 crore to Rs 500 crore.
(EdduLite)
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