Concept: Consolidated Fund of India UPSC
The Indian government and each Indian state government maintain their own consolidated funds.Article 266 of the Constitution of India requires revenues received by the Government of India to be paid to the Consolidated Fund of India. It also requires state revenues to be paid to a respective state consolidated fund. The Comptroller and Auditor General of India audits these funds and reports to the relevant legislatures on their management. The concept was in the news recently. To know more click the above link titled ‘Related News’.