2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Department of Economic Affairs
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Department of Expenditure
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Department of Financial Services
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Department of Revenue The ‘Contingency Fund of India’ is held by the Finance Ministry’s Department of economic affairs on behalf of the President of India.It can be operated by executive action and used during disasters and related unforeseen expenditures. Recently, the Government has tweaked spending norms for Contingency Fund, allowing 40 per cent of the total corpus to be placed at disposal of the expenditure secretary.
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Detailed explanation-1: -The fund is held by the Finance Secretary (Department of Economic Affairs) on behalf of the President of India and it can be operated by executive action. The Contingency Fund of India exists for disasters and related unforeseen expenditures. In 2005, it was raised from Rs. 50 crore to Rs 500 crore.
Detailed explanation-2: -UPSC Mains. Q. Which department manages the ‘Contingency Fund of India’ on behalf of the President? Notes: The ‘Contingency Fund of India’ is held by the Finance Ministry’s Department of economic affairs on behalf of the President of India.
Detailed explanation-3: -The contingency fund of the Union government is at the disposal of the President of India, who releases the funds on request of the Union Cabinet, which later gets an approval from Parliament. A Parliament approval is mandatory.
Detailed explanation-4: -The correct answer is Parliament. Consolidated Fund is constituted under Article 266 (1) of the Constitution of India.