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Consider the following statements with regard to the Contingency Fund of India:
1. This Fund is placed at the disposal of the President and he can make advances out of it to meet unforeseen expenditure, pending its authorization by the Parliament.
2. The Fund is held by the Finance Secretary, on behalf of the President.
Which of the statements given above is/are correct?
  • a)
    1 only
  • b)
    2 only
  • c)
    Both 1 and 2
  • d)
    Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Consider the following statements with regard to the Contingency Fund ...
  • The Indian Constitution, under Article 267, authorizes the Parliament to establish a ‘Contingency Fund of India’, into which amounts determined by law are paid from time to time.
  • Accordingly, the Parliament enacted the Contingency Fund of India Act in 1950. This Fund is placed at the disposal of the President and he can make advances out of it to meet unforeseen expenditure, pending its authorization by the Parliament.
  • The Fund is held by the Finance Secretary, on behalf of the President. Like the Public Account of India, it is also operated by executive action.
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Community Answer
Consider the following statements with regard to the Contingency Fund ...
C
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Consider the following statements with regard to the Contingency Fund of India:1. This Fund is placed at the disposal of the President and he can make advances out of it to meet unforeseen expenditure, pending its authorization by the Parliament.2. The Fund is held by the Finance Secretary, on behalf of the President.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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