Question
Consider the following statements regarding 'Contingency Fund of India'
Select the correct answer using the code given below:
- The fund is at the disposal of the president of India
- The fund is at the disposal of the Prime Minister of India
- The funds spent shall ultimately be approved by the parliament
- The funds spent are recouped from the Consolidated Fund of India
Select the correct answer using the code given below:
Answer: Option B
Answer: (b)
This fund is in the nature of an imprest (a fixed fund for a specific purpose) account and is kept at the disposal of the President of India (by the Secretary to the Government of India, Ministry of Finance, Department of Economic Affairs) to enable the government to meet unforeseen expenses pending authorization by the Parliament.
The money is used to provide immediate relief to victims of natural calamities and also to implement any new policy decision taken by the Government pending its approval by the Parliament.
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Answer: (b)
This fund is in the nature of an imprest (a fixed fund for a specific purpose) account and is kept at the disposal of the President of India (by the Secretary to the Government of India, Ministry of Finance, Department of Economic Affairs) to enable the government to meet unforeseen expenses pending authorization by the Parliament.
The money is used to provide immediate relief to victims of natural calamities and also to implement any new policy decision taken by the Government pending its approval by the Parliament.
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