The Consolidated Fund of India is a common pool in which........

Indian Political System(CSC) Union - Executive, Legisture

The Consolidated Fund of India is a common pool in which

all taxes collected by the Government of India are deposited

equal contributions from the Centre and states are made and out of which money can be taken as loan to meet unforeseen contingencies.

all money received by or on behalf of the Government of India in the shape of revenue, fresh loans and money received in repayment of loans etc, are deposited

states, union territories and the Central Government contribute 10 per cent of their revenues

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Explanation:

The Consolidated Fund of India is a common pool in which all money received by or on behalf of the Government of India in the shape of revenue, fresh loans and money received in repayment of loans etc, are deposited.

Under Article 266 (1) of the Constitution of India, a Consolidated Fund Of State ( a separate fund for each state) has been established where all revenues ( both tax revenues such as Sales tax/VAT, stamp duty etc..and non-tax revenues such as user charges levied by State governments ) received by the State government as well as all loans raised by issue of treasury bills, internal and external loans and all moneys received by the State Government in repayment of loans shall form part of the fund.