Correct Answer - Option 1 : Governor
The correct answer is Governor.
- The Contingency Fund of India established under Article 267 (1) of the Constitution is the money maintained for a specific purpose which is placed at the disposal of the President to enable him/her to make advances to meet urgent unforeseen expenditure, pending authorization by the Parliament.
- It was added into the Indian Constitution through the Contingency Fund of India Act, 1950 Contingency fund refers to a fund that is set aside for emergencies and economic crises.
- The fund is held by the Finance Secretary on behalf of the President.
- In 2005, it was raised from 50 Cr to 500 Cr and requires the approval of the Parliament to withdraw the money out of the Contingency Fund of India.
- The Contingency Fund of each State Government is established under Article 267(2) of the Constitution.
- The Contingency Fund of State fund shall be placed at the disposal of the Governor of the State to enable advances to be made by him out of such Fund for the purposes of meeting unforeseen expenditure pending authorization of such expenditure by the Legislature of the State by law under Article 205 or Article 206 Distribution of Revenues between the Union and the States
-
Other funds of the Indian government are
- Consolidated Fund of India
- Public Accounts of India
-
Consolidated Fund of India is the most important among them.
- The government needs parliamentary approval to withdraw money from this fund.
