How can money be withdrawn from the Consolidated Fund of India?
The bill is usually presented after the budget by the government. As per article 114 of the constitution, money from the Consolidated Fund of India can be withdrawn only after it is approved by the parliament or the state legislatures.
How much money is there in Consolidated Fund of India?
Its corpus is Rs. 500 crores. It is in the nature of an imprest (money maintained for a specific purpose). The Secretary of, Finance Ministry holds this fund on behalf of the President of India.
What is the importance of the Consolidated Fund of India?
Definition: Consolidated Fund of India is the most important of all government accounts. Revenues received by the government and expenses made by it, excluding the exceptional items, are part of the Consolidated Fund. Description: This fund was constituted under Article 266 (1) of the Constitution of India.
Which of the following is not charged on Consolidated Fund of India?
Which one of the following expenditures is not charged on the consolidated fund of India?
|1)||Salary and allowances of the speaker of the Lok Sabha|
|2)||Salary and allowances of the president of India|
|3)||Salary and allowances of the justice of the Supreme Court of India|
|4)||Salary and allowances of the Governor of a State of India|
What are the three types of government funds?
The three types of governmental funds are governmental, proprietary, and fiduciary funds.
What is difference between charged and voted expenditure?
Charged expenditure – the amounts required to meet expenditure charged upon the Consolidated Fund of India & 2. Voted expenditure – the amounts required to meet other expenditure proposed to be made from the Consolidated Fund of India. … That means charged expenditure doesn’t require the approval of Parliament.
What is included in Consolidated Fund of India?
Constituted under Article 266(1) of the Indian Constitution, the Consolidated Fund of India is the account of the revenue the Government of India receives — via income tax, Customs, central excise and the non-tax revenue — and the expenses it makes, excluding exceptional items. …
Where is the government’s money stored?
The official answer is Fort Knox and the Federal Reserve banks!
Where does our tax money go India?
The tax we pay becomes a receipt for the government. Our government then uses these receipts to fund essential expenditures like the defence, judiciary, public health, police, and infrastructure. In a nutshell, tax money is used for funding recurring and non-recurring expenditure of the country.
How much amount is there in contingency fund?
The Union government has its own contingency fund with a corpus of Rs 500 crore. In 2005, the amount of the fund was raised from Rs 5 crore to Rs 500 crore. States can also opt to have their own contingency funds.
How much is a contingency fund?
As a thumb rule and for starters, it is advised to keep at least three to six months’ worth of basic living (and non-negotiable) expenses as emergency fund. Later on, it can be enhanced to cover six to 12 months’ worth of expenses.
What is difference between consolidated fund and contingency fund?
The consolidated Fund has further been divided into ‘Revenue’ and ‘Capital’ divisions. All other moneys received by or on behalf of Government are credited to the Public Account. Contingency Fund enables the Government to meet unforeseen expenditure, which cannot wait approval of the Parliament.