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

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.

Which 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.

What is Consolidated Fund of India ICSE Class 10?

Answer: ‘The Consolidated Fund of India’ implies, all revenues received by the Government of India, all money raised by loan and all money received in repayment of loans shall form one Consolidated Fund.

What do you understand by Consolidated Fund?

All revenues received by the government by way of direct taxes and indirect taxes, money borrowed and receipts from loans given by the government flow into the Consolidated Fund of India. …

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What are the consolidated and contingency funds of India How are the two different from each other?

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.

What does Consolidated mean?

1 : to join together into one whole : unite consolidate several small school districts. 2 : to make firm or secure : strengthen consolidate their hold on first place He consolidated his position as head of the political party. 3 : to form into a compact mass The press consolidates the fibers into board.

How many divisions are available in the Consolidated Fund of India?

The Consolidated Fund of India is divided into five parts namely: Revenue account (receipts) Revenue account (disbursements) Capital account (receipts)

Who holds Consolidated Fund of India?

The Secretary to the Government of India, Ministry of Finance, Department of Economic Affairs holds the Fund on behalf of the President of India.

What is the meaning of charged expenditure?

Charged expenditure includes the emoluments of the President and the salaries and allowances of the Chairman and Deputy Chairman of Rajya Sabha and the Speaker and Deputy Speaker of Lok Sabha, Judges of Supreme Court, Comptroller and Auditor General of India and certain other items specified in the Constitution of …

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

Correct Option: D. Salary and allowances of the speakers of the Lok Sabha is not charged on the consolidated fund of India.

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