Who draws salary from Consolidated Fund of India?
The government meets all its expenditure from this fund. The government needs parliamentary approval to withdraw money from this fund. The provision for this fund is given in Article 266(1) of the Constitution of India. Each state can have its own Consolidated Fund of the state with similar provisions.
Is President salary charged on Consolidated Fund of India?
Charged Expenditures on Consolidated Fund of India
No voting takes place for the withdrawal of these expenditures from the Consolidated Fund of India. These charges have to be paid whether the Budget is passed or not. The expenses under this category include salaries and allowances of: the President.
Who are paid from Contingency Fund of India?
Definition: Contingency Fund is created as an imprest account to meet some urgent or unforeseen expenditure of the government. Description: This fund was constituted by the government under Article 267 of the Constitution of India. This fund is at the disposal of the President.
Who receives salary as charged expenditure?
Charged Expenditures or Non-Votable Charges
Salary and Allowances of the President, Speaker / Deputy speaker of Lok Sabha, Chairman/ Deputy chairman of Rajya Sabha, Salaries and Allowances of Supreme Court judges, Pensions of Supreme Court as well as High Court Judges, Salaries and Allowances of CAG, Lok Pal.
What is charged on Consolidated Fund of India?
1.2 The types of expenditure that are charged on the Consolidated Fund of India, as enumerated in Article 112(3) of the Constitution of India, are as follows: a) The emoluments and allowances of the President and the expenditure relating to his office. Deputy Speaker of the House of People.
Who gives salary to Prime Minister of India?
Compensation and benefits. Article 75 of the Constitution of India confers the parliament with the power to decide the remuneration and other benefits of the prime minister and other ministers are to be decided by the Parliament.
Who can withdraw money from Consolidated Fund of India?
An Appropriation Bill is a money bill that allows the government to withdraw funds from the Consolidated Fund of India to meet its expenses during the course of a financial year. As per Article 114 of the Constitution, the government can withdraw money from it only after receiving approval from Parliament.
Which article deals with Consolidated Fund of India?
Non-Tax Revenues are credited into the Consolidated Fund constituted under Article 266 (1) of the Constitution of India.
Who is the custodian of Consolidated Fund of India?
That is why Parliament which is Union legislature in India, is called custodian of Consolidated Fund of India.
How much amount is in Contingency Fund of India?
The Union government has its own contingency fund with a corpus of Rs 500 crore.
What is Contingency Fund of RBI?
This is a specific provision meant for meeting unexpected and unforeseen contingencies, including depreciation in the value of securities, risks arising out of monetary/exchange rate policy operations, systemic risks and any risk arising on account of the special responsibilities enjoined upon the Reserve Bank.
What is a good Contingency Fund?
Regulation 6.1 requires that the Contingency Reserve Fund be equal to at least 25% of the Operating Fund. … The next budget must make a contribution equal to at least 10% of Operating Fund.