Budget Related Terms Defined


Consolidated Fund of India
Consolidated Fund of India- Under Article 266 (1) of the Constitution all revenues of the Union Government, loans raised by it and all moneys received in repayment of loans form one consolidated fund called the Consolidated Fund of India. No moneys out of this Fund can be appropriated except in accordance with the law and for the purposes and in the manner provided in the Constitution.
Contingency Fund
Contingency Fund means the  Contingency Fund of India established under the Contingency Fund of India Act, 1950, in terms of Article 267 (1) of the Constitution. Contingency Fund is in the nature of an imprest the corpus of which is Rs. 500 crore at present. The Contingency Fund is intended to provide advances to the executive /Government to meet unforeseen expenditure
arising in the course of a year pending its authorization by the Parliament. The amounts drawn from the Contingency Fund are recouped after the Parliament approves it through the Supplementary Demands.
Appropriation (Charged)  
Appropriation (Charged)  means sums required to meet charged expenditure as specified in the Constitution during the financial year concerned, on the services and purposes covered by ‘Charged Appropriation.’ It does not include provisions for voted expenditure.
Public Accounts
Public Accounts means the Public Account of India referred to in Article 266(2) of the Constitution. The receipts and disbursements such as deposits, reserve funds, remittances etc which do not form part of the Consolidated Fund of India are included in the Public Account of India. Disbursements from the Public Account are not subject to vote by the Parliament, as they are not moneys issued out of the Consolidated Fund of India.
Supplementary Demands for Grants
Supplementary Demands for Grants means the statement of supplementary demands laid before the parliament, showing the estimated amount of further expenditure necessary in respect of a financial year over and above the expenditure authorized in the Annual Financial Statement for that year. The demand for supplementary may be token, technical or substantive/cash.
Vote on Account 
Vote on Account  means a grant made in advance by the Parliament, in respect of the estimated expenditure for a part of new financial year, pending the completion of the procedure relating to the voting of the demand for grants and the passing of the Appropriation Act.
Voted’ expenditure
Voted’ expenditure  means expenditure which is subject to the vote of the Lok Sabha. It is to be distinguished from ‘charged’ expenditure, which is not subject to voting, even though can be discussed in the Parliament.

Saturday, 13th Feb 2016, 08:28:05 PM

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