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Consider the following statements regarding Public Account of India:
1. It was constituted as a part of Union Budget of 1991 to mobilise resources for government spending.
2. It includes judicial deposits, savings bank deposits, departmental deposits and remittances.
3. It is operated by executive action without Parliamentary approval.
Which of the statements given above are correct?
- a)1 and 2 only
- b)1 and 3 only
- c)2 and 3 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding Public Account of India:1...
Statement 1 is not correct and statement 2 is correct: The Public Account of India was constituted by Article 266(2)of the Indian Constitution. It deals with the money received by the government. Thus, receipts and disbursements which do not form part of the Consolidated Fund of India are included in the accounts of India. It includes provident fund deposits, judicial deposits, savings bank deposits, departmental deposits, remittances and so on.
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Statement 3 is correct: Public Account of India accounts for flows for those transactions where the government is merely acting as a banker. They have to be paid back at some time to their rightful owners. Because of this nature of the fund, expenditures from it are not required to be approved by the Parliament. Thus, this account is operated by executive action, that is, the payments from this account can be made without parliamentary appropriation.
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Consider the following statements regarding Public Account of India:1...
Understanding the Public Account of India
The Public Account of India is a crucial component of the government's financial system. Here’s a breakdown of the statements regarding its nature and functioning:
Statement 1: Constitution and Purpose
- Incorrect: The Public Account of India was not constituted as part of the Union Budget of 1991. Instead, it has existed since the Constitution of India came into effect in 1950. Its primary purpose is to manage funds that are held for specific purposes, such as judicial and departmental deposits.
Statement 2: Composition of the Account
- Correct: The Public Account includes various types of funds like judicial deposits, savings bank deposits, departmental deposits, and remittances. These funds are not meant for government expenditure but are held on behalf of others, ensuring their proper management and disbursement.
Statement 3: Operational Mechanism
- Correct: The Public Account is operated through executive action and does not require prior approval from Parliament for transactions. This allows for more efficient management of these funds, as they are often time-sensitive.
Conclusion
Based on the analysis:
- Correct Statements: 2 and 3
- Incorrect Statement: 1
Thus, the correct answer is option 'C', which includes statements 2 and 3 only.
The Public Account of India is a crucial component of the government's financial system. Here’s a breakdown of the statements regarding its nature and functioning:
Statement 1: Constitution and Purpose
- Incorrect: The Public Account of India was not constituted as part of the Union Budget of 1991. Instead, it has existed since the Constitution of India came into effect in 1950. Its primary purpose is to manage funds that are held for specific purposes, such as judicial and departmental deposits.
Statement 2: Composition of the Account
- Correct: The Public Account includes various types of funds like judicial deposits, savings bank deposits, departmental deposits, and remittances. These funds are not meant for government expenditure but are held on behalf of others, ensuring their proper management and disbursement.
Statement 3: Operational Mechanism
- Correct: The Public Account is operated through executive action and does not require prior approval from Parliament for transactions. This allows for more efficient management of these funds, as they are often time-sensitive.
Conclusion
Based on the analysis:
- Correct Statements: 2 and 3
- Incorrect Statement: 1
Thus, the correct answer is option 'C', which includes statements 2 and 3 only.
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Consider the following statements regarding Public Account of India:1. It was constituted as a part of Union Budget of 1991 to mobilise resources for government spending.2. It includes judicial deposits, savings bank deposits, departmental deposits and remittances.3. It is operated by executive action without Parliamentary approval.Which of the statements given above are correct?a) 1 and 2 onlyb) 1 and 3 onlyc) 2 and 3 onlyd) 1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding Public Account of India:1. It was constituted as a part of Union Budget of 1991 to mobilise resources for government spending.2. It includes judicial deposits, savings bank deposits, departmental deposits and remittances.3. It is operated by executive action without Parliamentary approval.Which of the statements given above are correct?a) 1 and 2 onlyb) 1 and 3 onlyc) 2 and 3 onlyd) 1, 2 and 3Correct 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 Consider the following statements regarding Public Account of India:1. It was constituted as a part of Union Budget of 1991 to mobilise resources for government spending.2. It includes judicial deposits, savings bank deposits, departmental deposits and remittances.3. It is operated by executive action without Parliamentary approval.Which of the statements given above are correct?a) 1 and 2 onlyb) 1 and 3 onlyc) 2 and 3 onlyd) 1, 2 and 3Correct 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 Consider the following statements regarding Public Account of India:1. It was constituted as a part of Union Budget of 1991 to mobilise resources for government spending.2. It includes judicial deposits, savings bank deposits, departmental deposits and remittances.3. It is operated by executive action without Parliamentary approval.Which of the statements given above are correct?a) 1 and 2 onlyb) 1 and 3 onlyc) 2 and 3 onlyd) 1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
Consider the following statements regarding Public Account of India:1. It was constituted as a part of Union Budget of 1991 to mobilise resources for government spending.2. It includes judicial deposits, savings bank deposits, departmental deposits and remittances.3. It is operated by executive action without Parliamentary approval.Which of the statements given above are correct?a) 1 and 2 onlyb) 1 and 3 onlyc) 2 and 3 onlyd) 1, 2 and 3Correct 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 Consider the following statements regarding Public Account of India:1. It was constituted as a part of Union Budget of 1991 to mobilise resources for government spending.2. It includes judicial deposits, savings bank deposits, departmental deposits and remittances.3. It is operated by executive action without Parliamentary approval.Which of the statements given above are correct?a) 1 and 2 onlyb) 1 and 3 onlyc) 2 and 3 onlyd) 1, 2 and 3Correct 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 Consider the following statements regarding Public Account of India:1. It was constituted as a part of Union Budget of 1991 to mobilise resources for government spending.2. It includes judicial deposits, savings bank deposits, departmental deposits and remittances.3. It is operated by executive action without Parliamentary approval.Which of the statements given above are correct?a) 1 and 2 onlyb) 1 and 3 onlyc) 2 and 3 onlyd) 1, 2 and 3Correct answer is option 'C'. Can you explain this answer?.
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