GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Public Account of India
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Contingencey Fund of India
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Consolidated Fund of India
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None
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Detailed explanation-1: -Option C is the correct answer. All revenues received by the Union Government by way of taxes and other receipts for the conduct of Government business are credited to the Consolidated Fund of India. Consolidated Fund of India is the most important of all government accounts.
Detailed explanation-2: -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.
Detailed explanation-3: -The contingency fund of India is used during the time of crisis in the nation-for instance, a natural calamity-and money is required to deal with it. The Government of India had proposed to enhance the Contingency Fund of India from Rs 500 crore to Rs 30, 000 crore through Finance Bill in the Budget 2021-22.