Funds and Its Types: Consolidated Fund of India, Contingency Fund of India, Public Account of India
Funds are monetary resources allocated for specific purposes. They are essential for the functioning of governance, economic development, and fiscal m
Funds and Its Types: Consolidated Fund of India, Contingency Fund of India, Public Account of India UPSC Notes on Funds and Its Types Funds are monetary resources allocated for specific purposes. They are essential for the functioning of governance, economic development, and fiscal management. In the Indian context, the Constitution, financial regulations, and statutory provisions govern the creation, operation, and utilization of funds. In India, funds are classified into three main types: Consolidated Fund of India Contingency Fund of India Public Account of India 1. Consolidated Fund of India (CFI) Definition : The Consolidated Fund of India is the primary account where all revenues received by the Government of India (e.g., taxes, non-tax revenues) and loans raised are credited. Constitutional Provisions : Mentioned under Article 266(1) of the Indian Constitution. Sources : Taxes (Income tax, GST, customs, etc.) Non-tax revenues (interest, dividends, etc.) Borrowings and loans. Usage : All government expenditures, such as salaries, subsidies, and defense spending, are drawn from this fund. No money …
