Q. Consider the following statements:
1. Contingency Fund of India has been established by an act of the parliament.
2. The advances from the Contingency Fund of Indian are re-appropriated from the Public Accounts of India.
Which of the statements given above is/are correct?
Answer: A
Notes:
Exp) Option a is the correct answer
Statement 1 is correct. Contingency Fund of India was established by an act of the parliament. The Parliament has enacted the Contingency Fund of India Act in 1950. The fund is held by the finance secretary on behalf of the president.
Statement 2 is incorrect. The money spent from Contingency Fund is again re-appropriated from Consolidated Fund, which needs parliamentary approval.
