Who is the guardian of public funds in India?
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The CAG of India, also known as the “Guardian of the Public Purse,” is tasked with inspecting and auditing all expenditures by the Central and State governments, as well as those organizations or bodies that receive significant funding from the government.
CAG Responsibilities
There are a lot of accounts he looks at. He looks at all spending from the Consolidated Fund of India, the Consolidated Funds of each state and UT with a legislature, and the funds of the Union Territories.
He audits all expenditure from India’s contingency fund and public account, as well as from each state’s contingency fund and public account.
He audits all commercial, manufacturing, profit and loss, balance sheets, and separate subsidiary accounts maintained by any department of the central or state governments.
He audits all receipts and expenditures of bodies and authorities that receive substantial funding from central or state revenues, government corporations, other corporations, and bodies as required by applicable laws.
In India, the Comptroller and Auditor General of India and the Public Accounts Committee are the guardians of public funds.
The Indian Constitution’s Articles 266 and 267 deal with the government of India’s funds.
The Comptroller and Auditor General of India and the Public Accounts Committee are responsible for safeguarding public funds in India.
Articles 266 and 267 of the Indian Constitution deal with the government of India’s funds.