All revenues received by the Union Government by way of taxes and other receipts for the conduct of Government business are credited to the:
✓ Correct answer: c) Consolidated Fund of India
ExplanationThe Consolidated Fund of India is the primary fund of the Union Government where all its revenues, including taxes, loans, and other receipts for the conduct of government business, are deposited.According to the Constitution of India, all government spending must be approved by Parliament and drawn from this fund.The accounts of Government are kept in three parts:1. Consolidated Fund of India2. Contingency Fund of India and3. Public Account Different Funds With GoI CONSOLIDATED FUND OF INDIA (ARTICLE 266) PUBLIC ACCOUNT OF INDIA (Article 266) CONTINGENCY FUND OF INDIA (Article 267) It is a fund to which all receipts are credited and all payments are debited.All the legally authorised payments on behalf of the Government of India are made out of this fund.No money out of this fund can be issued except in accordance with a parliamentary law.All public money other than those which are credited to the CFI shall be credited here.Includes provident fund deposits, judicial deposits, savings bank deposits, departmental deposits, remittances and so on.Operated by executive action.
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