All money received by or on behalf of the Government of India are credited to _______________.

the Consolidated Fund of India

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the Public Account of India

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the Contingency Fund of India

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Either (a) or (b)

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Solution

The correct option is D Either (a) or (b)
The Consolidated Fund of India is formed under Article 266(1) of the Constitution. The taxes received by the government including central tax, income tax, excise tax, and certain non-tax revenues are credited in the Consolidated Fund. Authority of Parliament is required for withdrawing any amount from this fund. Public Account is formed under Article 266(2) of the Constitution. All the public money received by or on behalf of government other than those that covered under Consolidated Fund, are credited to Public Account. The authorization of Parliament is not required for withdrawing money from this fund.

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