Does states have Contingency Fund?
Does states have Contingency Fund?
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Does states have Contingency Fund?
Johnson
A contingency fund, also known as a contingency reserve, is a fund that can be used to cover unexpected outflows, such as when the economy is in a bad state.
The Indian Constitution empowers the parliament to establish an India contingency fund. The Indian Constitution establishes the Contingency Fund under Article 267(1). It is part of the nature of an impasse (money that is kept for a specific purpose).
As a result, Parliament enacted the India Contingency Fund Act, 1950. The Finance Secretary (Department of Economic Affairs) is in charge of the fund on behalf of the President of India, and it can be used by the President to do things.
India’s Contingency Fund was established to cover the cost of disasters and other unforeseen expenditures.