Multiple Choice Questions on With reference to Consolidated Fund of India CFI consider the following statements It is constituted........... for UPSC Civil Services Examination (General Studies) Preparation

Back to Main Page

Multiple Choice Questions

With reference to Consolidated Fund of India CFI consider the following statements It is constituted...........

Indian Polity Articles and Schedules
    Download Solution PDF

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

    1. It is constituted under Article 266 of the Indian constitution.
    2. It consists of all types of tax and non-tax revenues received by the Central Government.

    Select the incorrect statement.

    1 only

    Incorrect Answer

    2 only

    Incorrect Answer

    Both

    Incorrect Answer

    None

    Correct Answer
    छोटे Courses बड़े Results
    Master Articles and Schedules
    Prepare through Micro-courses
    Try Now
    Explanation:

    Both statements are correct.

    Consolidated Fund of India is constituted under Article 266 (1) of the Constitution of India. It is made up of:

    • All revenues received by the Centre by way of taxes (Income Tax, Central Excise, Customs and other receipts) and all non-tax revenues. 
    • All loans raised by the Centre by issue of Public notifications, treasury bills (internal debt) and from foreign governments and international institutions (external debt).
    • The Comptroller and Auditor-General of India (CAG) audits the fund and reports to the relevant legislatures on the management.

    Hence option 4th is correct.

     

    By: Shubham Tiwari
    ProfileResources

    Let's Discuss

    Master
    Articles and Schedules
    With abhipedia
    Micro Courses
    Try Now
    What our students have to say
    Review on us
    Download Abhipedia Android App

    Access to prime resources

    Downlod from playstore
    download android app download android app for free