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Consider the following statements
1. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.
2. The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.
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 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements1. The National Small Savings Fund (N...
- The National Small Savings Fund (NSSF) within the Public Account of India was established in 1999. Hence, statement 1 is not correct.
- The objective of the creation of the NSSF was to de-link small savings transactions from the Consolidated Fund of India and ensure their operation in a transparent and self-sustaining manner.
- Since NSSF operates in the public account, its transactions do not impact the fiscal deficit of the Centre directly.
- The objective of the creation of the NSSF was to de-link small savings transactions from the Consolidated Fund of India and ensure their operation in a transparent and self-sustaining manner.
- The Fund is administered by the Government of India, Ministry of Finance (Department of Economic Affairs) under National Small Savings Fund (Custody and Investment) Rules, 2001, framed by the President of India under Article 283 (1) of the Indian Constitution. Hence, statement 2 is correct.
Most Upvoted Answer
Consider the following statements1. The National Small Savings Fund (N...
Statement 1: The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.
The National Small Savings Fund (NSSF) is a fund that was created to consolidate and manage the small savings schemes in India. These schemes include the Public Provident Fund (PPF), National Savings Certificates (NSC), Post Office Savings Account, and other similar schemes. The fund was established in 1999 and is managed by the Ministry of Finance, Government of India.
The statement is correct.
Statement 2: The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.
Article 283(1) of the Indian Constitution deals with the custody and management of the Consolidated Fund of India. It states that the President of India shall have the power to make rules for the more convenient transaction of the business relating to the Government of India and for the allocation of the said business among the ministers. However, it does not specifically mention the administration of the National Small Savings Fund (NSSF).
Therefore, the statement is incorrect.
In conclusion, only statement 1 is correct. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India, but the rules to administer NSSF are not framed by the President of India under Article 283(1) of the Indian Constitution.
The National Small Savings Fund (NSSF) is a fund that was created to consolidate and manage the small savings schemes in India. These schemes include the Public Provident Fund (PPF), National Savings Certificates (NSC), Post Office Savings Account, and other similar schemes. The fund was established in 1999 and is managed by the Ministry of Finance, Government of India.
The statement is correct.
Statement 2: The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.
Article 283(1) of the Indian Constitution deals with the custody and management of the Consolidated Fund of India. It states that the President of India shall have the power to make rules for the more convenient transaction of the business relating to the Government of India and for the allocation of the said business among the ministers. However, it does not specifically mention the administration of the National Small Savings Fund (NSSF).
Therefore, the statement is incorrect.
In conclusion, only statement 1 is correct. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India, but the rules to administer NSSF are not framed by the President of India under Article 283(1) of the Indian Constitution.
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Consider the following statements1. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.2. The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.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 'B'. Can you explain this answer?
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Consider the following statements1. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.2. The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.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 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements1. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.2. The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.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 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements1. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.2. The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.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 'B'. Can you explain this answer?.
Consider the following statements1. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.2. The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.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 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements1. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.2. The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.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 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements1. The National Small Savings Fund (NSSF) was established within the Consolidated Fund of India.2. The rules to administer NSSF are framed by the President of India under Article 283 (1) of the Indian Constitution.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 'B'. Can you explain this answer?.
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