CONSOLIDATED FUND OF INDIA (Syllabus: GS Paper 2 - Polity)

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Context: The Lok Sabha passed the Appropriation (No. 2) Bill, 2024 by a voice vote, authorising the Centre to draw money from the Consolidated Fund of India to meet expenditure estimated for the financial year 2024-25.

Consolidated Fund of India

Constitutional Basis: It was constituted under Article 266 (1) of the Constitution of India.
Composition: It is made up of all revenues received by the Centre from taxes (e.g., Income Tax, Central Excise, Customs) and non-tax revenues, as well as all loans raised by the Centre (internal and external).
Utilization: All government expenditures are incurred from this fund, with withdrawals requiring Parliamentary authorization. Exceptional items are met from the Contingency Fund or the Public Account.
Audit: The Comptroller and Auditor-General of India (CAG) audits the fund and reports to the relevant legislatures on its management.

Other Types of Fund in India

Contingency Fund of India

oPurpose: It is used for urgent unforeseen expenditures as authorized by the President of India in case of any contingency.

oCorpus: It has a fixed corpus of 500 crores, with subsequent authorization required from Parliament.

oConstitutional Provision: Article 267 provides for the Contingency Fund of India.

oState Contingency Funds: Article 267(1) provides for contingency funds for each state.

Public Account of India

oNature of Account: It contains all public money (other than those in the Consolidated Fund of India) received by or on behalf of the Indian government.

oUsage: The government does not need Parliamentary permission to make advances from this account, which primarily handles banking transactions.

oConstitutional Provision: Article 266(2) provides for the Public Account of India.

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