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The Consolidated Fund of India and of the States, and the Public Accounts of India and of the States, are provided for in:
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Answer: Option D — Article 266
Detailed Solution
Article 266 provides for the Consolidated Funds and the Public Accounts of India and of the States.
The Consolidated Fund of India:
- All revenues received by the Government of India (such as taxes and duties), all loans raised by it, and all money received in repayment of loans form one consolidated fund, called the Consolidated Fund of India.
- No money can be withdrawn from the Consolidated Fund of India except in accordance with a law passed by Parliament (the Appropriation Act) and for the purposes and in the manner provided by the Constitution.
- Most of the government's expenditure is made from this fund.
Charged expenditure:
- Some expenditure is "charged" on the Consolidated Fund of India; it is not voted on by Parliament, though it can be discussed.
- It includes the salaries and allowances of the President, the presiding officers of Parliament, the judges of the Supreme Court and the CAG, and the debt charges of the government.
The Public Account of India:
- All other public money received by or on behalf of the Government of India, such as provident fund deposits, small savings, judicial deposits and remittances, is credited to the Public Account of India.
- The government acts as a banker or trustee for this money.
- Payments from the Public Account do not need the approval of Parliament, because the money does not belong to the government.
The States:
Each state also has a Consolidated Fund of the State and a Public Account of the State, with similar provisions.
The budget process:
Parliament votes on the demands for grants, and passes the Appropriation Bill, which authorises withdrawal from the Consolidated Fund.
Audit:
The accounts of the Consolidated Fund and the Public Account are audited by the Comptroller and Auditor-General.
Why not the other options?
Article 265 says that no tax shall be levied except by authority of law; Article 268 deals with duties levied by the Union but collected by the States; Article 270 with the taxes levied and distributed between the Union and the States.
Quick tip
Remember: Article 266 = Consolidated Funds and Public Accounts of India and the States; withdrawal from the Consolidated Fund only by an Appropriation Act.
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Important Articles & Schedules — Preparation
This question tests your understanding of Important Articles & Schedules, a key topic in the General Knowledge section. The detailed solution above uses a step-by-step approach to show the reasoning, and where available, a shortcut that helps you solve similar questions in under 90 seconds during the actual exam.
This topic covers the important articles of the Constitution that exams test most often, the parts of the Constitution, and the twelve schedules, such as the Seventh Schedule (Union, State and Concurrent Lists), the Eighth Schedule (languages) and the Tenth Schedule (anti-defection law). Questions directly ask which article or schedule deals with a subject, so make a table and revise it often. High-frequency examples include Article 112 (annual financial statement), Article 280 (Finance Commission), Article 324 (Election Commission) and Article 368 (amendment procedure). Remember that the Ninth Schedule was added by the 1st Amendment in 1951. Practise the important articles and schedules questions below, written in the style of the general awareness sections of exams such as SSC, banking, railways, CUET GAT, MAH CET and CLAT. Each question comes with a detailed explanation that adds related facts, so every question helps you revise more than one point.