• The Union Cabinet chaired by Prime Minister Narendra Modi has decided to amend the Salary, Allowances, and Pension of Members of Parliament (MP) Act through an ordinance.
• As per the amendment, there will be a salary cut of all ministers, including Prime Minister, for a year by 30%. The information was passed by the Union Minister of Information and Broadcasting Prakash Javadekar in New Delhi. 
• The move is to provide financial assistance to the COVID-19 crisis. President Ram Nath Kovind, Vice-president Venkiah Naidu and governors will also take a salary cut of 30% for a year. The savings from the salaries will go to the Consolidated Fund of India (CFI). 

Consolidated Fund of India :

• CFI is the revenues collected by the Centre through direct taxes and indirect taxes, license fees, money received by the government in loan repayment, profits from public sector undertakings. CFI is used for all the expenses of the government.
• CFI of the Central government was established under Article 267 of the Indian Constitution and State Government was established under Article 266 of the Indian Constitution.
• Only with the approval of Parliament, money can be withdrawn from CFI.
• The fund is audited by the Comptroller and Auditor General (CAG) of India and the reports will be submitted to the Union legislatures.
• Rajiv Mehrishi is the current CAG of India.