March 26, 2024
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The Constitution of India provides for how the accounts of the Government have to be kept. Article of the Constitution provides for the creation of a Consolidated Fund of India, Contingency Fund, and Public Account of India.
| Consolidated Fund of India | Public Account of India | Contingency Fund of India |
| Article 266 | Article 266 | Article 267 |
| All receipts are credited and all payments are debited. It Includes, | All public money other than those which are credited to the CFI shall be credited here. | Amounts determined by parliament by law are paid from time to time into this fund. |
It includes,
|
Includes PF deposits, Judicial deposits, S/B deposits, Departmental deposits, Remittances and so on. | It include amounts determined Parliament by law are paid from time to time to meet unforeseen expenditure |
| All legally authorized payments on behalf of the GoI are made out of this fund. | The payments from this account can be made without parliamentary appropriation. Payments are mostly in the nature of banking transactions. | Placed at the disposal of the president, and he can make advances out of it to meet unforeseen expenditure. |
| No money out of this fund can be issued except in accordance with a parliamentary law. [UPSC 2015] | Operated by executive action. | Held by the finance secretary on behalf of the president. It is operated by executive action. |
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