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Which one of the following is not a correct match?
- a)Consolidated fund of India — Judicial deposits and saving banks
- b)The public account of India — Provident fund deposits
- c)The contingency fund of India — Unforeseen Expenditure
- d)Consolidated fund of state — Salaries of Judges of High Court are drawn
- e)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Which one of the following is not a correct match?a)Consolidated fund...
Consolidated fund of India — Judicial deposits and saving banks is not a correct match.
Explanation:
The Consolidated Fund, Public Account, and Contingency Fund are three separate funds under the Indian Constitution that serve different purposes.
1. Consolidated Fund of India:
- The Consolidated Fund of India is the most important of the three funds.
- It is maintained and controlled by the President of India.
- All revenues received by the Government of India, such as taxes, duties, and fees, are credited to this fund.
- The expenditure incurred by the government, including salaries, pensions, and loan repayments, is made from this fund.
- It is used to meet the day-to-day expenses of the government.
- Judicial deposits and saving banks do not fall under the Consolidated Fund of India. These are separate funds and accounts that are managed by the judiciary and banks respectively.
2. Public Account of India:
- The Public Account of India is another fund under the Constitution.
- It is used for transactions that do not belong to the Consolidated Fund or Contingency Fund.
- It includes provident funds, small savings collections, and other deposits.
- The Provident Fund deposits mentioned in option (b) are correctly associated with the Public Account of India.
3. Contingency Fund of India:
- The Contingency Fund of India is a fund set aside to meet unforeseen expenditure.
- It is held by the President and can be used for any urgent or unforeseen expenditure.
- It is not required to seek Parliament's approval for withdrawals from this fund.
- Unforeseen expenditure mentioned in option (c) is correctly associated with the Contingency Fund of India.
4. Consolidated Fund of State:
- Each state in India has its own Consolidated Fund, which is similar to the Consolidated Fund of India.
- It receives revenues and incurs expenditure for the state government.
- Salaries of Judges of High Court mentioned in option (d) are correctly drawn from the Consolidated Fund of State.
Therefore, option (a) is not a correct match as judicial deposits and saving banks are not part of the Consolidated Fund of India.
Explanation:
The Consolidated Fund, Public Account, and Contingency Fund are three separate funds under the Indian Constitution that serve different purposes.
1. Consolidated Fund of India:
- The Consolidated Fund of India is the most important of the three funds.
- It is maintained and controlled by the President of India.
- All revenues received by the Government of India, such as taxes, duties, and fees, are credited to this fund.
- The expenditure incurred by the government, including salaries, pensions, and loan repayments, is made from this fund.
- It is used to meet the day-to-day expenses of the government.
- Judicial deposits and saving banks do not fall under the Consolidated Fund of India. These are separate funds and accounts that are managed by the judiciary and banks respectively.
2. Public Account of India:
- The Public Account of India is another fund under the Constitution.
- It is used for transactions that do not belong to the Consolidated Fund or Contingency Fund.
- It includes provident funds, small savings collections, and other deposits.
- The Provident Fund deposits mentioned in option (b) are correctly associated with the Public Account of India.
3. Contingency Fund of India:
- The Contingency Fund of India is a fund set aside to meet unforeseen expenditure.
- It is held by the President and can be used for any urgent or unforeseen expenditure.
- It is not required to seek Parliament's approval for withdrawals from this fund.
- Unforeseen expenditure mentioned in option (c) is correctly associated with the Contingency Fund of India.
4. Consolidated Fund of State:
- Each state in India has its own Consolidated Fund, which is similar to the Consolidated Fund of India.
- It receives revenues and incurs expenditure for the state government.
- Salaries of Judges of High Court mentioned in option (d) are correctly drawn from the Consolidated Fund of State.
Therefore, option (a) is not a correct match as judicial deposits and saving banks are not part of the Consolidated Fund of India.
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