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Home/ Questions/Q 755
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PSAmaster
PSAmaster
Asked: June 25, 20212021-06-25T22:38:07+00:00 2021-06-25T22:38:07+00:00In: Public Sector Accounting

What is consolidated fund of state in India?

What is consolidated fund of state in India?

what is consolidated fund of state in india?
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    1. PSAmaster
      2022-03-12T00:03:30+00:00Added an answer on March 12, 2022 at 12:03 am

      The term “State Consolidated Fund in India” refers to the fund defined in Article 266 (1) of the Constitution as “all revenues received by the Government of Rajasthan, all revenues raised by that government through the issuance of Treasury Bills, loans, or ways and means advances, and all money received by that government in repayment of loans.”

      The term “State Consolidated Fund in India” refers to the fund into which all revenue is received by the state government and all loans are raised by the state government through the issuance of common shares and debentures.

      Examples of Consolidated Fund of the State in a sentence

      Consolidated Fund of the State sentence examples The fund is repaid by debiting expenditures against the relevant functional major head of the state’s Consolidated Fund.

      Guarantees are obligations backed by the state’s consolidated fund in the event of a borrower’s default.

      The fund is repaid by debiting expenditures against the relevant functional major head in the state’s Consolidated Fund.

      Audits of all transactions involving the state’s consolidated fund,

      (ii) all transactions involving the contingency fund and public accounts, and (iii) all trade, manufacturing, profit and loss, balance sheets, and other subsidiary accounts.

      The fund is recouped by debiting expenditures against the relevant functional major head linked to the state’s Consolidated Fund.

      Guarantees are obligations imposed on the state’s consolidated fund in the event of default by the borrowers to whom the guarantees have been provided.

      If adopted and implemented, the bill would incur no extra expenditures from the State’s Consolidated Fund.

      (i) all receipts and expenditures of a body/authority that is substantially financed by grants or loans from the State’s Consolidated Fund, and

      (ii) all receipts and expenditures of anyone or authority that receives grants or loans from the State’s Consolidated Fund in a fiscal year that exceeds one crore.

      The State Authority’s administrative expenses, including salaries, allowances, and pensions payable to the Member-Secretary, officers, and other workers, shall be paid from the State’s Consolidated Fund.

      Every ordinance shall have the Chancellor’s prior approval; provided, however, that in the case of an ordinance including a proposal involving expenditure from the State’s Consolidated Fund, the Chancellor shall discuss with the State Government prior to granting his approval.

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