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Constitutional Provisions with regard to enactment of budget
In this part the constitutional provision regarding the budget is being discussed. What are the various funds provided by the government and how money can be withdrawn from those funds.
The President of India presents a statement of estimated receipts and expenditure of the Government of India for that year before both the houses of Parliament in respect of every financial year. Our constitution lays down certain conditions for the withdrawal of money from the Funds mentioned in the constitution. Some of these are:
Role of the both the houses of the Parliament (Lok Sabha and Rajya Sabha)
Government Account
STRUCTURE OF ACCOUNTS AND FLOW OF FUNDS
The constitution of India provides for the following three kinds of funds for the Government of India
What is Consolidated Fund of India
Article 266(1) of the constitution provides for a Consolidated Fund of India and every State in India shall have their own Consolidated Fund of State . It means that every State government in India has their own separate Consolidated Funds.
The Consolidated Fund of India includes revenues, which are received by the government through taxes and expenses incurred in the form of borrowings and loans. It represents one of the three parts of the Annual Financial Statement with the other two: the Contingency Fund and Public Account. All government expenditures are met by consolidated funds except a few made by the Contingency fund of India or Public Accounts of India.
The most important fact to be remembered is that no money can be withdrawn from the Consolidated Fund without the permission of the Parliament. The whole budgetary process is for the Government of India to seek the permission of the Parliament to meet its expenditure for a financial year.
What goes into the Consolidated Fund of India
All the government revenue generated from taxes, asset sale, earnings from state-run companies, etc go into the Consolidated Fund of India. The fund gets money from:
Keep in mind that no money can be withdrawn from the Consolidated Fund of India, without the government securing the approval of the Parliament.
Parts of Consolidated Fund of India
The Consolidated Fund of India is divided into five parts namely:
Types of Expenditure
The budget consists of two types of expenditure – the expenditure 'charged' upon the Consolidated Fund of India and the expenditure 'made' from the Consolidated Fund of India.
Expenditure charged upon the Consolidated Fund of India
The charged expenditure is non-votable by the Parliament, that is, it can only be discussed by the Parliament.The Parliament cannot vote on the expenditure proposals under that are to be charged upon the Consolidated Fund of India.
Article 112 (3) of the Constitution of India, provides that the following expenditure does not require a vote and is charged to the Consolidated Fund.
The following expenses are charged on the Consolidated Fund of India:
Expenditure Proposed to made from the Consolidated Fund of India
The proposal for expenditure to be made from the Consolidated Fund of India is presented in the form of demand for grants in the Lok Sabha . Normally all the ministries of the government present their separate demand for grants in the Lok Sabha . The house can either reject or accept the demand for grants or reduce the demand for grants.
What is a Contingency Fund of India
Article 267 of the constitution provides for a Contingency Fund of India for the central government and for each state government. The fund can be created by the Parliament for the Central government of India and the respective state legislative assemblies for the state.
In 1950 the Parliament passed the Contingency Fund of India act 1950. In the Budget 2021-22 Parliament increased the corpus of the Contingency Fund of India to Rs 30,000 crore from Rs 500 crore.
How is the contingency fund utilized
After the emergency has been dealt with, the fund is reimbursed to its full capacity of Rs 30,000 crore. This required money comes from the Consolidated Fund of India. The Secretary of, Finance Ministry holds this fund on behalf of the President of India. This fund is used to meet unexpected or unforeseen expenditure. Each state can have its own contingency fund established under Article 267(2).
Public Accounts of India
This is constituted under Article 266(2) of the Constitution.The President of India of India is the custodian of the Public Accounts. It means that unlike the Consolidated Fund of India, from which the government can withdraw money only after the permission of the Parliament, in the case of the Public Accounts, the Government of India needs no prior permission of the Parliament to withdraw the money from the Public Accounts of India.
The key is with the President of India.
Source of Fund
All other public money (other than those which are credited to the Consolidated Fund of India) received by or on behalf of the Government of India shall be credited to the Public Account of India.
Department of Economic Affairs
Functions:
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