Which of the following financial receipts of the Government of India are credited to the Public Account of India rather than the Consolidated Fund of India?
1. Revenue receipts from taxes and duties
2. Public Provident Fund (PPF) deposits
3. Departmental deposits and savings bank deposits

Select the correct answer using the code given below:

Question

Which of the following financial receipts of the Government of India are credited to the Public Account of India rather than the Consolidated Fund of India?
1. Revenue receipts from taxes and duties
2. Public Provident Fund (PPF) deposits
3. Departmental deposits and savings bank deposits

Select the correct answer using the code given below:

Accepted Answer

Under Article 266 of the Constitution of India, the Consolidated Fund of India includes all revenues received by the government, loans raised, and money received in repayment of loans. On the other hand, other public moneys received by or on behalf of the Government of India, such as provident fund deposits, savings bank deposits, judicial deposits, and departmental deposits, are credited to the Public Account of India. No parliamentary appropriation is required for payments from the Public Account.

Answer

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