Which of the following are the expenditure charged on the Consolidated Fund of India?

Which of the following expenditures are charged on the Consolidated Fund of India?

The list of the charged expenditure is: Emoluments and allowances of the President and other expenditure relating to his office. Salaries and allowances of the Chairman and the Deputy Chairman of the Rajya Sabha and the Speaker and the Deputy Speaker of the Lok Sabha.

Which of the following expenditure is not charged on the 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 does the Consolidated Fund of India include?

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.

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What is meant by Consolidated Fund of India Name any two expenditures charged on it?

Two expenses charged to it are: Salary and Allowances of the President, Speaker / Deputy Speaker of Lok Sabha, Chairman/ Deputy Chairman of Rajya Sabha, Salaries and Allowances of Supreme Court judges, Pensions of Supreme Court as well as High Court Judges, Salaries and Allowances of CAG, Lok Pal.

What are charged expenditures?

Charged Expenditure is the expenditure from the consolidated fund of India which is non-votable. In India, the government cannot spend any amount of money from the Consolidated Fund unless and until the expenditure is voted in the Lower House of the Parliament or in the State Assemblies.

What is the Article 112?

Under Article 112 of the Constitution, a statement of estimated receipts and expenditure of the Government of India has to be laid before Parliament in respect of every financial year which runs from 1st April to 31st March. This statement titled “Annual Financial Statement” is the main Budget document.

What Consolidated Fund?

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.

Is CVC salary charged on Consolidated Fund of India?

The expenses of the Commission, including any salaries, allowances and pensions payable to or in respect of the Central Vigilance Commissioner, the Vigilance Commissioners, Secretary and the staff of the Commission, shall be charged on the Consolidated Fund of India.

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What is the Article 113?

Article 113 of the Constitution of India mandates that estimates of expenditure from the Consolidated Fund of India are included in the Annual Financial Statement, which are required to be voted by the Lok Sabha, and submitted in the form of demand for grants.

What is Consolidated Fund and what is it composed of?

The Consolidated Fund of India includes revenues, which are received by the government through taxes and expenses incurred in the form of borrowings and loans. It represents one of the three parts of the Annual Financial Statement with the other two: the Contingency Fund and Public Account.

What is consolidated and Contingency Fund of India?

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.

Which bank maintains Consolidated Fund of India?

The Reserve Bank of India Act, 1934 requires the Central Government to entrust the Reserve Bank with all its money, remittance, exchange and banking transactions in India and the management of its public debt.