All revenues received by the Union Government by way of taxes and other receipts for the conduct of Government business are credited to the
- Contingency Fund of India
- Public Account
- Consolidated Fund of India
- Deposits and Advances Fund
Explanation
Option (c) is correct
- Consolidated Fund of India: It is the main government account to which all receipts are credited and from which all payments are made. It includes all revenues received by the Government of India, all loans raised through treasury bills or other borrowings, and all money received in repayment of loans. All legally authorised government expenditures are made from this fund, and no money can be withdrawn from it except in accordance with a law passed by Parliament.
- Public Account of India: This account contains all other public money received by or on behalf of the Government of India that does not belong to the Consolidated Fund. It includes items such as provident fund deposits, savings bank deposits, judicial deposits, departmental deposits and remittances. Payments from this account are made through executive action and do not require parliamentary appropriation, as these are mainly banking-type transactions.
- Contingency Fund of India: The Constitution authorises Parliament to establish this fund to meet unforeseen expenditures. Parliament created it through the Contingency Fund of India Act, 1950. The fund is placed at the disposal of the President, who can make advances to meet urgent expenses pending approval by Parliament. It is operated by the executive and held by the Finance Secretary on behalf of the President.
- Deposits and Advances Fund: This is not a constitutional category under government funds.
