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.
Who all are paid through Consolidated Fund of India?
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. Salaries, allowances and pensions of the judges of the Supreme Court. Pensions of the judges of high courts.
What is the difference between Contingency Fund and Consolidated 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 of the following is not a charged expenditure 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|
|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|
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.
Who is the custodian of Consolidated Fund of India?
That is why Parliament which is Union legislature in India, is called custodian of Consolidated Fund of India.
Who controls Consolidated Fund of State?
The Governor of the State.
Who holds public account of India?
The Public Account of India was constituted by Article 266(2) of the Indian Constitution which states that “All other public moneys received by or on behalf of the Government of India or the Government of a State shall be credited to the public account of India or the public account of the State, as the case may be.” …
Does India have a Contingency Fund?
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.
What are main differences between consolidated fund and Contingency Fund?
Consolidated fund is the chief account of Indian Government. This fund has the income from tax and nontax revenues. Money for the expenditure of government is withdrawn from this fund and withdrawing money from this fund requires the approval from parliament. Contingency fund has a fixed deposit of Rs 500 crore.
Is salary of president charged on Consolidated Fund of India?
Charged Expenditures on Consolidated Fund of India
These charges have to be paid whether the Budget is passed or not. The expenses under this category include salaries and allowances of: the President. the Speaker.