PSAmaster 51 Questions 17 Answers 2 Best Answers 9 Points View Profile PSAmaster Asked: June 25, 20212021-06-25T22:38:32+00:00 2021-06-25T22:38:32+00:00In: Public Sector Accounting in India How much is the Consolidated Fund of India? How much is the Consolidated Fund of India? how much is the consolidated fund of india? Share Facebook Related Questions Хороший крем от варикозного расширения вен Чулки для варикоза цена в аптеках Средство от косточек на ногах анальгин+йод На большом пальце стопы растет косточка Ударно волновая терапия косточка Косточка большого пальца форум Как убрать хрящевой нарост на пальце ноги Лечения вальгуса стопы Болят суставы на ноге к какому врачу обратиться Удаление косточек на ноге отзывы 2 Answers Voted Oldest Recent Mercy E. Biney Cape Coast, Ghana 32 Questions 1 Answer 0 Best Answers 41 Points View Profile Mercy E. Biney 2022-03-17T21:52:16+00:00Added an answer on March 17, 2022 at 9:52 pm Among the numerous government accounts, the most critical is the Consolidated Fund of India. The Consolidated Fund of India, established under Article 266(1) of the Indian Constitution, is the account for the revenue received by the government of India—through income tax, customs, central excise, and non-tax revenue—and the expenses incurred, excluding exceptional items. Any funds raised by the government, whether through public notifications, treasury bills, or borrowings from foreign governments or international institutions, are always credited to this fund. Similarly, any money spent by the Indian government (government expenditure) is deducted from this account. Without the approval of Parliament, the government can not withdraw funds from this account. Essentially, a sum of Rs 500 crore is transferred from the Consolidated Fund of India to the Contingency Fund of India to be used in the event of an emergency. However, if the government does not use the contingency fund during a given fiscal year, there is Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp PSAmaster 51 Questions 17 Answers 2 Best Answers 9 Points View Profile PSAmaster 2022-03-11T23:42:55+00:00Added an answer on March 11, 2022 at 11:42 pm It has a market capitalization of Rs. 500 crores. It is inherent in the nature of an impasse (money maintained for a specific purpose). The Finance Ministry’s Secretary manages this money on behalf of the President of India. India’s Consolidated Fund This is the most vital part of the government’s accounting. This fund is replenished in the following ways: Taxes, both direct and indirect, Return of loans/interest on loans to the government by any individual or agency that has taken them This fund is used to cover the government’s entire spending. To withdraw funds from this fund, the government must obtain parliamentary approval. Article 266 (1) of the Indian Constitution makes provision for this fund. Each state may establish its own consolidated fund with comparable features. The Comptroller and Auditor General of India check these funds and reports on how they’re being used to the right people in the right places. Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Leave an answerLeave an answerCancel reply Featured image Select file Browse Save my name, email, and website in this browser for the next time I comment.