1) Consolidated Fund

           Article 266 of the Constitution of India describes it as a fund where all revenues received , loans raised by the Government through Treasury bills or loans or ways and means advances, money received by the Government in repayment of loans. Money can be appropriated from this fund only through a parliamentary law.

          The entities charged on the consolidated fund of India include salaries, emoluments and allowances of the President, Chairman, Deputy Chairman of Rajya Sabha and Comptroller and Auditor General, Speaker and public service commission. Salaries, allowances and pensions of judges of the Supreme Court, pensions of judges of High Court and administrative expenses of the Supreme Court, the Comptroller, Auditor General and Union Public Service Commission.

2) Public Account Fund of India

                 All the money which is credited except the payment made to the consolidated fund of India which are made by the Government. It includes provident fund deposits, savings bank deposits, judicial deposits, remittances and deposits from various departments. Making payment from this account does not require a parliamentary law, it operates through executive action.

3) Contingency fund of India

                According to article 267 of the Indian constitution the President can authorize payments out of this fund to meet any unforeseen expenditures. It is held by the finance secretary and operated by action.


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