- The Contingency Fund of India is placed at the disposal of the President of India.
- This fund is used to meet unforeseen expenditures that cannot wait for the approval of the Parliament.
- The fund is established under Article 267 of the Constitution of India.
- The President can authorize expenditure from this fund to deal with urgent situations.
- Later, the amount withdrawn from the fund is presented to the Parliament for post-facto approval.
- The Contingency Fund is in the nature of an imprest, meaning it is a fixed amount that is replenished as and when the expenditure is incurred.
- The fund is maintained by the Ministry of Finance on behalf of the President.
- The current corpus of the Contingency Fund of India is Rs. 500 crores.
- State governments also maintain their own Contingency Funds, which are at the disposal of the respective Governors.
CREDIT : TESTBOOK
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MPSC POLITY PYQ