{"id":93785,"date":"2025-06-01T11:57:09","date_gmt":"2025-06-01T11:57:09","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=93785"},"modified":"2025-06-01T11:57:09","modified_gmt":"2025-06-01T11:57:09","slug":"consider-the-following-statements-regarding-various-funds-in-india","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/","title":{"rendered":"Consider the following statements regarding various funds in India :"},"content":{"rendered":"<p>Consider the following statements regarding various funds in India :<\/p>\n<ul>\n<li>Article 266 deals with Contingency Fund of India.<\/li>\n<li>For operating Public Account of India and Contingency Fund of India, parliamentary approval is not needed.<\/li>\n<\/ul>\n<p>Which of the above statements is\/are correct ?<\/p>\n<p>[amp_mcq option1=&#8221;1 only&#8221; option2=&#8221;2 only&#8221; option3=&#8221;Both 1 and 2&#8243; option4=&#8221;Neither 1 nor 2&#8243; correct=&#8221;option2&#8243;]<\/p>\n<div class=\"psc-box-pyq-exam-year-detail\">\n<div class=\"pyq-exam\">\n<div class=\"psc-heading\">This question was previously asked in<\/div>\n<div class=\"psc-title line-ellipsis\">UPSC Combined Section Officer &#8211; 2024<\/div>\n<\/div>\n<div class=\"pyq-exam-psc-buttons\"><a href=\"\/pyq\/pyq-upsc-combined-section-officer-2024.pdf\" target=\"_blank\" class=\"psc-pdf-button\" rel=\"noopener\">Download PDF<\/a><a href=\"\/pyq-upsc-combined-section-officer-2024\" target=\"_blank\" class=\"psc-attempt-button\" rel=\"noopener\">Attempt Online<\/a><\/div>\n<\/div>\n<section id=\"pyq-correct-answer\">\nStatement 1: Article 266 deals with the Consolidated Fund and the Public Account of India (and of each State). The Contingency Fund of India is dealt with under Article 267. Therefore, statement 1 is incorrect.<br \/>\nStatement 2: For operating the Public Account of India and the Contingency Fund of India, parliamentary approval is not needed at the time of withdrawal or disbursement. The Public Account consists of funds held by the government in trust, and expenditures from it do not require appropriation by Parliament. Advances from the Contingency Fund are made to meet unforeseen expenditures pending authorization by Parliament, meaning the executive can withdraw funds without immediate parliamentary approval (though subsequent approval for replenishment is needed from the Consolidated Fund). In contrast, withdrawals from the Consolidated Fund require prior parliamentary appropriation. Therefore, statement 2 is correct in the context of distinguishing operations from these funds compared to the Consolidated Fund.<br \/>\n<\/section>\n<section id=\"pyq-key-points\">\n&#8211; Consolidated Fund (Article 266): All revenues received by the government, all loans raised, and all money received in repayment of loans. Expenditure requires parliamentary appropriation.<br \/>\n&#8211; Public Account (Article 266): All other public money (e.g., provident funds, small savings). Operated by executive action; no appropriation needed.<br \/>\n&#8211; Contingency Fund (Article 267): An imprest fund for meeting unforeseen expenditure. Operated by executive; requires subsequent parliamentary approval for replenishment.<br \/>\n<\/section>\n<section id=\"pyq-additional-information\">\nThe Public Account transactions do not enter the budget since they do not involve government expenditure or revenue in the strict sense. The Contingency Fund&#8217;s corpus is decided by Parliament (currently \u20b930,000 crore).<br \/>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Consider the following statements regarding various funds in India : Article 266 deals with Contingency Fund of India. For operating Public Account of India and Contingency Fund of India, parliamentary approval is not needed. Which of the above statements is\/are correct ? [amp_mcq option1=&#8221;1 only&#8221; option2=&#8221;2 only&#8221; option3=&#8221;Both 1 and 2&#8243; option4=&#8221;Neither 1 nor 2&#8243; &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Consider the following statements regarding various funds in India :\" class=\"read-more button\" href=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/#more-93785\">Detailed Solution<span class=\"screen-reader-text\">Consider the following statements regarding various funds in India :<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1090],"tags":[1103,1334,1099],"class_list":["post-93785","post","type-post","status-publish","format-standard","hentry","category-upsc-combined-section-officer","tag-1103","tag-articles-of-the-constitution","tag-indian-polity-and-governance","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Consider the following statements regarding various funds in India :<\/title>\n<meta name=\"description\" content=\"Statement 1: Article 266 deals with the Consolidated Fund and the Public Account of India (and of each State). The Contingency Fund of India is dealt with under Article 267. Therefore, statement 1 is incorrect. Statement 2: For operating the Public Account of India and the Contingency Fund of India, parliamentary approval is not needed at the time of withdrawal or disbursement. The Public Account consists of funds held by the government in trust, and expenditures from it do not require appropriation by Parliament. Advances from the Contingency Fund are made to meet unforeseen expenditures pending authorization by Parliament, meaning the executive can withdraw funds without immediate parliamentary approval (though subsequent approval for replenishment is needed from the Consolidated Fund). In contrast, withdrawals from the Consolidated Fund require prior parliamentary appropriation. Therefore, statement 2 is correct in the context of distinguishing operations from these funds compared to the Consolidated Fund. - Consolidated Fund (Article 266): All revenues received by the government, all loans raised, and all money received in repayment of loans. Expenditure requires parliamentary appropriation. - Public Account (Article 266): All other public money (e.g., provident funds, small savings). Operated by executive action; no appropriation needed. - Contingency Fund (Article 267): An imprest fund for meeting unforeseen expenditure. Operated by executive; requires subsequent parliamentary approval for replenishment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consider the following statements regarding various funds in India :\" \/>\n<meta property=\"og:description\" content=\"Statement 1: Article 266 deals with the Consolidated Fund and the Public Account of India (and of each State). The Contingency Fund of India is dealt with under Article 267. Therefore, statement 1 is incorrect. Statement 2: For operating the Public Account of India and the Contingency Fund of India, parliamentary approval is not needed at the time of withdrawal or disbursement. The Public Account consists of funds held by the government in trust, and expenditures from it do not require appropriation by Parliament. Advances from the Contingency Fund are made to meet unforeseen expenditures pending authorization by Parliament, meaning the executive can withdraw funds without immediate parliamentary approval (though subsequent approval for replenishment is needed from the Consolidated Fund). In contrast, withdrawals from the Consolidated Fund require prior parliamentary appropriation. Therefore, statement 2 is correct in the context of distinguishing operations from these funds compared to the Consolidated Fund. - Consolidated Fund (Article 266): All revenues received by the government, all loans raised, and all money received in repayment of loans. Expenditure requires parliamentary appropriation. - Public Account (Article 266): All other public money (e.g., provident funds, small savings). Operated by executive action; no appropriation needed. - Contingency Fund (Article 267): An imprest fund for meeting unforeseen expenditure. Operated by executive; requires subsequent parliamentary approval for replenishment.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/\" \/>\n<meta property=\"og:site_name\" content=\"MCQ and Quiz for Exams\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-01T11:57:09+00:00\" \/>\n<meta name=\"author\" content=\"rawan239\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rawan239\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Consider the following statements regarding various funds in India :","description":"Statement 1: Article 266 deals with the Consolidated Fund and the Public Account of India (and of each State). The Contingency Fund of India is dealt with under Article 267. Therefore, statement 1 is incorrect. Statement 2: For operating the Public Account of India and the Contingency Fund of India, parliamentary approval is not needed at the time of withdrawal or disbursement. The Public Account consists of funds held by the government in trust, and expenditures from it do not require appropriation by Parliament. Advances from the Contingency Fund are made to meet unforeseen expenditures pending authorization by Parliament, meaning the executive can withdraw funds without immediate parliamentary approval (though subsequent approval for replenishment is needed from the Consolidated Fund). In contrast, withdrawals from the Consolidated Fund require prior parliamentary appropriation. Therefore, statement 2 is correct in the context of distinguishing operations from these funds compared to the Consolidated Fund. - Consolidated Fund (Article 266): All revenues received by the government, all loans raised, and all money received in repayment of loans. Expenditure requires parliamentary appropriation. - Public Account (Article 266): All other public money (e.g., provident funds, small savings). Operated by executive action; no appropriation needed. - Contingency Fund (Article 267): An imprest fund for meeting unforeseen expenditure. Operated by executive; requires subsequent parliamentary approval for replenishment.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/","og_locale":"en_US","og_type":"article","og_title":"Consider the following statements regarding various funds in India :","og_description":"Statement 1: Article 266 deals with the Consolidated Fund and the Public Account of India (and of each State). The Contingency Fund of India is dealt with under Article 267. Therefore, statement 1 is incorrect. Statement 2: For operating the Public Account of India and the Contingency Fund of India, parliamentary approval is not needed at the time of withdrawal or disbursement. The Public Account consists of funds held by the government in trust, and expenditures from it do not require appropriation by Parliament. Advances from the Contingency Fund are made to meet unforeseen expenditures pending authorization by Parliament, meaning the executive can withdraw funds without immediate parliamentary approval (though subsequent approval for replenishment is needed from the Consolidated Fund). In contrast, withdrawals from the Consolidated Fund require prior parliamentary appropriation. Therefore, statement 2 is correct in the context of distinguishing operations from these funds compared to the Consolidated Fund. - Consolidated Fund (Article 266): All revenues received by the government, all loans raised, and all money received in repayment of loans. Expenditure requires parliamentary appropriation. - Public Account (Article 266): All other public money (e.g., provident funds, small savings). Operated by executive action; no appropriation needed. - Contingency Fund (Article 267): An imprest fund for meeting unforeseen expenditure. Operated by executive; requires subsequent parliamentary approval for replenishment.","og_url":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/","og_site_name":"MCQ and Quiz for Exams","article_published_time":"2025-06-01T11:57:09+00:00","author":"rawan239","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rawan239","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/","url":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/","name":"Consider the following statements regarding various funds in India :","isPartOf":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#website"},"datePublished":"2025-06-01T11:57:09+00:00","dateModified":"2025-06-01T11:57:09+00:00","author":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209"},"description":"Statement 1: Article 266 deals with the Consolidated Fund and the Public Account of India (and of each State). The Contingency Fund of India is dealt with under Article 267. Therefore, statement 1 is incorrect. Statement 2: For operating the Public Account of India and the Contingency Fund of India, parliamentary approval is not needed at the time of withdrawal or disbursement. The Public Account consists of funds held by the government in trust, and expenditures from it do not require appropriation by Parliament. Advances from the Contingency Fund are made to meet unforeseen expenditures pending authorization by Parliament, meaning the executive can withdraw funds without immediate parliamentary approval (though subsequent approval for replenishment is needed from the Consolidated Fund). In contrast, withdrawals from the Consolidated Fund require prior parliamentary appropriation. Therefore, statement 2 is correct in the context of distinguishing operations from these funds compared to the Consolidated Fund. - Consolidated Fund (Article 266): All revenues received by the government, all loans raised, and all money received in repayment of loans. Expenditure requires parliamentary appropriation. - Public Account (Article 266): All other public money (e.g., provident funds, small savings). Operated by executive action; no appropriation needed. - Contingency Fund (Article 267): An imprest fund for meeting unforeseen expenditure. Operated by executive; requires subsequent parliamentary approval for replenishment.","breadcrumb":{"@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/exam.pscnotes.com\/mcq\/consider-the-following-statements-regarding-various-funds-in-india\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/exam.pscnotes.com\/mcq\/"},{"@type":"ListItem","position":2,"name":"UPSC Combined Section Officer","item":"https:\/\/exam.pscnotes.com\/mcq\/category\/upsc-combined-section-officer\/"},{"@type":"ListItem","position":3,"name":"Consider the following statements regarding various funds in India :"}]},{"@type":"WebSite","@id":"https:\/\/exam.pscnotes.com\/mcq\/#website","url":"https:\/\/exam.pscnotes.com\/mcq\/","name":"MCQ and Quiz for Exams","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/exam.pscnotes.com\/mcq\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/5807dafeb27d2ec82344d6cbd6c3d209","name":"rawan239","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/exam.pscnotes.com\/mcq\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/761a7274f9cce048fa5b921221e7934820d74514df93ef195a9d22af0c1c9001?s=96&d=mm&r=g","caption":"rawan239"},"sameAs":["https:\/\/exam.pscnotes.com"],"url":"https:\/\/exam.pscnotes.com\/mcq\/author\/rawan239\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/93785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/comments?post=93785"}],"version-history":[{"count":0,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/posts\/93785\/revisions"}],"wp:attachment":[{"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/media?parent=93785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/categories?post=93785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/exam.pscnotes.com\/mcq\/wp-json\/wp\/v2\/tags?post=93785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}