With respect to the ldquo Contingency Fund of India rdquo consider the following statements 1 The Fu...........

Indian Political System(HAS) Union - Executive, Legisture

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With respect to the “Contingency Fund of India”, consider the following statements:

1. The Fund is held by the President of India on behalf of the Department of Economic Affairs.

2. It exists for disasters and related unforeseen expenditure.

3. The applications for advances of new loans shall be made to the Expenditure Secretary.

Which of the statements given above are correct?

1 and 2 only

2 and 3 only

1 and 3 only

1, 2 and 3

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Explanation:

Explanation: An amount equivalent to 40% of the Contingency Fund corpus shall be placed at the disposal of the Secretary, the Ministry of Finance, the Department of Expenditure, for the purpose of meeting unforeseen expenditure, and beyond this limit, all further Contingency Fund releases shall be made with the approval of the Secretary to the Government of India, the Department of Economic Affairs, after the approval of the Secretary to the Government of India, the Department of Expenditure. The Fund is held by the Department of Economic Affairs, on behalf of the President of India and it can be operated by an executive action. The Contingency Fund of India exists for disasters and related unforeseen expenditure. Withdrawal from the Fund takes place with the approval of the Secretary of Department of Economic Affairs, in terms of the Contingency Fund of India Act, 1950. The applications for advances required shall be made to the Expenditure Secretary and the applications for advances of new loans shall be made to the Economic Affairs Secretary.