Author: ForumIAS

The functions of the committee are: To examine the reports and accounts of public undertakings To examine the reports of the Comptroller and Auditor General on public undertakings To examine (in the context of autonomy and efficiency of public undertakings) whether the affairs of the public undertakings are being managed in accordance with sound business… Continue reading What are the functions of Committee on Public Understanding?

The function of the committee is to examine the estimates included in the budget and suggest ‘economies’ in public expenditure. Its major functions are: To report what economies, improvements in organisation, efficiency and administrative reform consistent with the policy underlying the estimates, can be affected To suggest alternative policies in order to bring about efficiency… Continue reading What are the functions of Estimates Committee?

Public Account committee It examines the report of the CAG to see that public expenditure must not exceed the appropriation granted by parliament without its prior approval and the grant is utilised for the purpose for which it was sanctioned by parliament. PAC satisfy itself about the wisdom, faithfulness and economy of the expenditure incurred.… Continue reading What are the functions of Public Account committee?

It is a part of parliamentary control over administration as finance is the focus of accountability. Parliament exercises this control over public finance in three ways: Budget itself, Parliamentary Committees such as Public Account committee, Estimates Committee, Committee on Public Undertaking and Auditing through CAG.

The Constitution authorised the Parliament to establish a ‘Contingency Fund of India’, into which amounts determined by law are paid from time to time to meet any unforeseen expenditures. The fund is held by the finance secretary on behalf of the President. In an emergency situations President can meet the expenditure and get the approval… Continue reading What is Contingency Fund of India?

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. This includes provident fund deposits, judicial deposits, savings bank deposits, departmental deposits, remittances and so on. Government of India is… Continue reading What is Public Account of India?

It is a fund to which all receipts are credited and all payments are debited. All the legally authorised payments on behalf of the Government of India are made out of this fund. This includes all the revenues received by government, all the loans raised by Government of India by the issue of treasury bills,… Continue reading What is Consolidated Fund of India?

The Finance Bill is introduced to give effect to the financial proposals of the Government of India for the following year. The Finance Bill must be passed by the Parliament and assented to by the president within 75 days. The Finance Act legalises the income side of the budget and completes the process of the… Continue reading What is Finance bill in budget?

An appropriation bill is introduced to provide for the appropriation, out of the Consolidated Fund of India, all money required to meet: (a) The grants voted by the Lok Sabha. (b) The expenditure charged on the Consolidated Fund of India. The Appropriation Bill becomes the Appropriation Act after it is assented to by the President.… Continue reading What is Appropriation bill?