Which one of the following financial powers of the State Council of Ministers has been wrongly liste...........

Indian Polity (Easy) State - Executive, Legislature

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Which one of the following financial powers of the State Council of Ministers has been wrongly listed?

It formulates the budget proposals and presents the same to the State Legislature for approval.

All proposals for taxation emanate from the Council of Ministers.

It regulates the Contingency Fund of the State and can advance money out of it to meet the unforeseen contingencies.

None of the above

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Explanation:

Contingency Fund of each State Government is established under Article 267(2) of the Constitution – this is in the nature of an imprest placed at the disposal of the Governor to enable him/her to make advances to meet urgent unforeseen expenditure, pending authorization by the State Legislature. Approval of the Legislature for such expenditure and for withdrawal of an equivalent amount from the Consolidated Fund is subsequently obtained, whereupon the advances from the Contingency Fund are recouped to the Fund. The corpus varies across states and the quantum is decided by the State legislatures. Hence option 3rd is incorrect.