Question

Q. Which of the following are included in the Public Account of India?

Select the correct answer using the codes given below:

• A. 1 and 2 only
• B. 2, 3 and 4 only
• C. 1, 3 and 4 only
• D. 1, 2, 3 and 4

Answer 1

The correct option is C 1, 3 and 4 only

Explanation:

• Public Accounts of India are made up of: National small savings fund, defense fund, National Investment Fund (money earned from disinvestment), Provident fund, Deposits and advances, Bank savings account of the various ministries/departments, Remittances, etc.
• Income earned from the sale of Spectrum is part of the Consolidated Fund of India and not Public Accounts of India.
• Additional Information:

• The Public Account of India accounts for flows for those transactions where the government is merely acting as a banker. This fund was constituted under Article 266 (2) of the Constitution. It accounts for flows for those transactions where the government is merely acting as a banker.