Table of Contents
What is meant by the 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.
Who holds Consolidated Fund of India?
Comptroller. The comptroller (who is also auditor general and head of the National Audit Office) controls both the Consolidated Fund and the National Loans Fund.
What is the Consolidated Fund used for?
The Consolidated Fund is the Government’s general bank account at the Bank of England. Payments from this account must be authorised in advance by the House of Commons. The Government presents its ‘requests’ to use this money in the form of Consolidated Fund Bills.
What is consolidated and Contingency Fund of India?
The Consolidated Fund of India is created by inflow of tax funds and non-tax revenues to be paid to the Government. Contingency Fund of India is a Rs. 500 crore fund sanctioned in the budget for contingent expenditure of unforeseen nature.
What are the three types of government funds?
There are several types of government funds, which are groupings used in accounting for tax-supported activities completed by the federal government. There are three major types of funds. These types are governmental, proprietary, and fiduciary.
What is corpus Fund?
Corpus Fund means the capital, funds generated and kept for existence and sustenance of the organisation. Corpus Fund means the permanent fund kept for the basic expenditures need for the administration and survival of the organisation.
Who controls the Contingency Fund of India?
the President of India
Accordingly, Parliament enacted the contingency fund of India Act 1950. The fund is held by the Finance Secretary (Department of Economic Affairs) on behalf of the President of India and it can be operated by executive action. The Contingency Fund of India exists for disasters and related unforeseen expenditures.
Who manages the Consolidated Fund?
the Treasury Accountant
Management of the Consolidated Fund 1.16 The CF is managed by the Treasury Accountant and their managers within the Exchequer Funds and Accounts (EFA) Team of HM Treasury.
What is Contingency Fund India?
As the name suggests, the Contingency Fund of India is the emergency fund for the nation. Constituted under Article 267(1) of the Indian Constitution, the Contingency fund of India is used at a time when there is a crisis in the nation — a natural calamity, for instance — and money is required to deal with it.