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Consider the following statements about the Consolidated Fund of India (CFI):
1. It was formed following Article 266 of the Indian Constitution.
2. Which includes all tax and non-tax revenues collected by the federal government.
Which of the statements given above is/are not correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Consider the following statements about the Consolidated Fund of India...
Consolidated Fund of India is constituted under Article 266 (1) of India's Constitution. It is made up of: All revenues received by the Centre by way of taxes (Income Tax, Central Excise, Customs and other receipts) and all non-tax revenues. All loans raised by the Centre by issue of Public notifications, treasury bills (internal debt), foreign governments, and international institutions (external debt). The Comptroller and Auditor-General of India (CAG) audits the fund and reports the management's relevant legislatures.
Most Upvoted Answer
Consider the following statements about the Consolidated Fund of India...
Incorrect Statements about the Consolidated Fund of India (CFI)
The correct answer is option 'D' - Neither 1 nor 2. Let's break down the given statements and understand why they are not correct:
Statement 1:
The statement claims that the Consolidated Fund of India (CFI) was formed following Article 266 of the Indian Constitution. However, this statement is incorrect. The Consolidated Fund of India is actually formed as per Article 266(1) of the Indian Constitution, not Article 266. Therefore, this statement is not accurate.
Statement 2:
The second statement mentions that the Consolidated Fund of India includes all tax and non-tax revenues collected by the federal government. This statement is also incorrect. The Consolidated Fund of India includes only the revenues received by the government, such as taxes, fees, fines, and other receipts. It does not encompass all revenues collected by the government, including non-tax revenues. Non-tax revenues are accounted for in the Public Account of India.
Conclusion:
Both statements are incorrect because they misrepresent the formation of the Consolidated Fund of India and its composition. The Consolidated Fund of India is a crucial aspect of the Indian financial system, and understanding its formation and contents is essential for a clear comprehension of government finances.
The correct answer is option 'D' - Neither 1 nor 2. Let's break down the given statements and understand why they are not correct:
Statement 1:
The statement claims that the Consolidated Fund of India (CFI) was formed following Article 266 of the Indian Constitution. However, this statement is incorrect. The Consolidated Fund of India is actually formed as per Article 266(1) of the Indian Constitution, not Article 266. Therefore, this statement is not accurate.
Statement 2:
The second statement mentions that the Consolidated Fund of India includes all tax and non-tax revenues collected by the federal government. This statement is also incorrect. The Consolidated Fund of India includes only the revenues received by the government, such as taxes, fees, fines, and other receipts. It does not encompass all revenues collected by the government, including non-tax revenues. Non-tax revenues are accounted for in the Public Account of India.
Conclusion:
Both statements are incorrect because they misrepresent the formation of the Consolidated Fund of India and its composition. The Consolidated Fund of India is a crucial aspect of the Indian financial system, and understanding its formation and contents is essential for a clear comprehension of government finances.
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Consider the following statements about the Consolidated Fund of India (CFI):1. It was formed following Article 266 of the Indian Constitution.2. Which includes all tax and non-tax revenues collected by the federal government.Which of the statements given above is/are not correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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