Class 10 Exam > Class 10 Questions > Funds belonging to the Government of India ar...
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Funds belonging to the Government of India are kept in
- a)Consolidated Fund of India
- b)Public Accounts Fund of India
- c)Contingency Fund of India
- d)All of the above
Correct answer is option 'A'. Can you explain this answer?
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Funds belonging to the Government of India are kept ina)Consolidated F...
All revenues received by the government by way of direct taxes and indirect taxes, money borrowed and receipts from loans given by the government flow into the Consolidated Fund of India.
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Funds belonging to the Government of India are kept ina)Consolidated F...
Overview of Government Funds in India
Funds belonging to the Government of India are primarily managed through different accounts, each serving specific purposes. Among these, the Consolidated Fund of India plays a crucial role.
Consolidated Fund of India
- The Consolidated Fund of India is the main account of the Government of India.
- It includes all revenues, loans, and money received by the government.
- All government expenditure is charged to this fund, making it the primary source for financing government activities.
Other Government Funds
While the Consolidated Fund is the principal account, there are two other important funds:
- Public Accounts Fund of India:
- This fund holds money that the government receives but does not belong to it.
- It includes transactions like provident funds, and money held for other departments and agencies.
- Contingency Fund of India:
- This fund is used for emergencies and unforeseen expenditures.
- The amount can be accessed by the President of India without legislative approval, but it must be replenished from the Consolidated Fund.
Conclusion
In conclusion, while the Public Accounts Fund and Contingency Fund serve distinct purposes, the vast majority of government funds and expenditures are managed within the Consolidated Fund of India. Thus, the correct answer to the question is that the funds belonging to the Government of India are chiefly kept in the Consolidated Fund of India.
Funds belonging to the Government of India are primarily managed through different accounts, each serving specific purposes. Among these, the Consolidated Fund of India plays a crucial role.
Consolidated Fund of India
- The Consolidated Fund of India is the main account of the Government of India.
- It includes all revenues, loans, and money received by the government.
- All government expenditure is charged to this fund, making it the primary source for financing government activities.
Other Government Funds
While the Consolidated Fund is the principal account, there are two other important funds:
- Public Accounts Fund of India:
- This fund holds money that the government receives but does not belong to it.
- It includes transactions like provident funds, and money held for other departments and agencies.
- Contingency Fund of India:
- This fund is used for emergencies and unforeseen expenditures.
- The amount can be accessed by the President of India without legislative approval, but it must be replenished from the Consolidated Fund.
Conclusion
In conclusion, while the Public Accounts Fund and Contingency Fund serve distinct purposes, the vast majority of government funds and expenditures are managed within the Consolidated Fund of India. Thus, the correct answer to the question is that the funds belonging to the Government of India are chiefly kept in the Consolidated Fund of India.
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