Consider the following statements regarding funds established by the Government of India: 1. A fund created through an Act of Parliament necessarily forms part of the Consolidated Fund of India. 2. The Contingency Fund of India is placed at the disposal of the President to meet unforeseen expenditure pending authorization by Parliament. 3. The Public Account of India includes money held by the Government in a fiduciary capacity, such as provident funds and small savings. Which of the statements given above is/are correct? |ForumIAS

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: B

Notes:

Explanation:

Statement 1 is incorrect: Not every fund created through legislation forms part of the Consolidated Fund of India. The constitutional classification of government funds depends on the nature and legal framework governing the fund.
Statement 2 is correct: Under Article 267, the Contingency Fund of India is placed at the disposal of the President to meet unforeseen expenditure, subject to subsequent authorization by Parliament.
Statement 3 is correct: The Public Account of India includes funds where the Government acts as a banker or trustee, such as provident funds, small savings and other deposits.

Source- TOI