With reference to the Consolidated Fund of India CFI consider the following statements 1 Composition...........

Indian Polity (CDS) Union - Executive, Legisture

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With reference to the Consolidated Fund of India (CFI), consider the following statements:

1. Composition and ownership of the CFI is mentioned in the Constitution of India.

2. All the money on account of the Union Government is credited to or debited from the CFI.

3. No money can be withdrawn from the CFI, except by the Parliamentary law.

Which of the statements given above are correct?

1 and 2 only

1 and 3 only

1, 2 and 3

2 and 3 only

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Explanation:

Explanation: The Consolidated Fund of India: It is a Fund to which all receipts are credited and all payments are debited. In other words, (a) all revenues received by the Government of India; (b) all loans raised by the Government by the issue of the Treasury Bills, loans or ways and means advances; and (c) all money received by the government in repayment of loans form the Consolidated Fund of India. All the legally authorised payments on behalf of the Government of India are made out of this Fund. No money out of this Fund can be appropriated (issued or drawn) except in accordance with a Parliamentary Law. However, there are certain types of payments or receipts that are assigned to the Public Account of India (other than those which are credited to the Consolidated Fund of India).