Multiple choice

All the tax and non tax receipts, recoveries of loans and other receipts which do not create corresponding payment liabilities are credited to the

  1. Consolidated Fund of India

  2. Contingency Fund of India

  3. Public Accounts of India

  4. Reserve Bank of India
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A Correct answer
Explanation

The Constitution of India provides for the creation of the Consolidated Fund of India in Article 266. All received revenues, raised loans and all money received by the Government in payment of loans are credited to the Consolidated Fund of India. The expenditures of the Government are incurred from this fund.

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