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All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?
- a)Contingency fund of India.
- b)Public account.
- c)Consolidated fund of India.
- d)Deposits and advances fund.
Correct answer is option 'C'. Can you explain this answer?
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All revenues received by the union government by way of taxes and othe...
Article 283. (1)
Subject to the provisions of article 267 and to the provisions of this Chapter (i.e. Chapter I of Part XII of the Constitution) with respect to the assignment of the whole or part of the net proceeds of certain taxes and duties to States, all revenues received by the Government of India, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by the Government in repayment of loans shall form one consolidated fund to be entitled "the Consolidated Fund of India", and all revenues received by the Government of a State, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled "the Consolidated Fund of the State".
Subject to the provisions of article 267 and to the provisions of this Chapter (i.e. Chapter I of Part XII of the Constitution) with respect to the assignment of the whole or part of the net proceeds of certain taxes and duties to States, all revenues received by the Government of India, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by the Government in repayment of loans shall form one consolidated fund to be entitled "the Consolidated Fund of India", and all revenues received by the Government of a State, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled "the Consolidated Fund of the State".
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All revenues received by the union government by way of taxes and othe...
Consolidated fund of India
The consolidated fund of India is an important aspect of the financial system of the Union government in India. It is a single account where all the revenues received by the government, including taxes and other receipts for the conduct of government business, are credited. The correct answer to the given question is option 'C'.
Significance of the Consolidated fund of India:
The consolidated fund of India plays a vital role in the financial management of the Union government. Here are some key points explaining its significance:
1. Single account: The consolidated fund of India is a single account that combines all the revenues received by the government. This ensures transparency and accountability in the management of public funds.
2. Government expenses: All government expenses, including the payment of salaries, pensions, and other administrative costs, are made from the consolidated fund. This ensures that the government has a central pool of funds to meet its financial obligations.
3. Appropriation of funds: The consolidated fund allows the government to appropriate funds for various programs and schemes. The budgetary allocations are made from this fund, ensuring that the government has the necessary resources to implement its policies.
4. Restrictions on withdrawals: The withdrawals from the consolidated fund are subject to parliamentary approval. This ensures that the government cannot spend money without proper scrutiny and authorization from the legislature.
5. Consolidated Fund Act: The legal provisions related to the consolidated fund are defined in the Consolidated Fund Act. This act provides the framework for the management and utilization of the funds in the consolidated fund.
6. Audit and accountability: The transactions related to the consolidated fund are subject to audit by the Comptroller and Auditor General (CAG) of India. This ensures that the government's financial activities are transparent and accountable.
Conclusion:
The consolidated fund of India is a crucial component of the financial system of the Union government. It serves as a single account where all the revenues received by the government, including taxes and other receipts, are credited. It plays a significant role in the financial management and accountability of the government's expenses.
The consolidated fund of India is an important aspect of the financial system of the Union government in India. It is a single account where all the revenues received by the government, including taxes and other receipts for the conduct of government business, are credited. The correct answer to the given question is option 'C'.
Significance of the Consolidated fund of India:
The consolidated fund of India plays a vital role in the financial management of the Union government. Here are some key points explaining its significance:
1. Single account: The consolidated fund of India is a single account that combines all the revenues received by the government. This ensures transparency and accountability in the management of public funds.
2. Government expenses: All government expenses, including the payment of salaries, pensions, and other administrative costs, are made from the consolidated fund. This ensures that the government has a central pool of funds to meet its financial obligations.
3. Appropriation of funds: The consolidated fund allows the government to appropriate funds for various programs and schemes. The budgetary allocations are made from this fund, ensuring that the government has the necessary resources to implement its policies.
4. Restrictions on withdrawals: The withdrawals from the consolidated fund are subject to parliamentary approval. This ensures that the government cannot spend money without proper scrutiny and authorization from the legislature.
5. Consolidated Fund Act: The legal provisions related to the consolidated fund are defined in the Consolidated Fund Act. This act provides the framework for the management and utilization of the funds in the consolidated fund.
6. Audit and accountability: The transactions related to the consolidated fund are subject to audit by the Comptroller and Auditor General (CAG) of India. This ensures that the government's financial activities are transparent and accountable.
Conclusion:
The consolidated fund of India is a crucial component of the financial system of the Union government. It serves as a single account where all the revenues received by the government, including taxes and other receipts, are credited. It plays a significant role in the financial management and accountability of the government's expenses.
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All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer?
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All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer?.
All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer?.
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All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of All revenues received by the union government by way of taxes and other receipts for the conduct of government business are credited to the?a)Contingency fund of India.b)Public account.c)Consolidated fund of India.d)Deposits and advances fund.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
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