Article 266 of Indian Constitution: Consolidated Funds and public accounts of India and of the States
Article 266 Consolidated Funds and public accounts of India and of the States – Constitution Of India
(1) Subject to the provisions of article 267 and to the provisions of this Chapter with respect to the assignment of the whole or part of the net proceeds of certain taxes and duties to States, all revenues received by the Government of India, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled “the Consolidated Fund of India”, and all revenues received by the Government of a State, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled “the Consolidated Fund of the State”.
(2) All other public moneys received by or on behalf of the Government of India or the Government of a State shall be credited to the public account of India or the public account of the State, as the case may be.
(3) No moneys out of the Consolidated Fund of India or the Consolidated Fund of a State shall be appropriated except in accordance with law and for the purposes and in the manner provided in this Constitution.
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What is Article 266 of Indian Constitution
Article 266 of the Indian Constitution pertains to the “Consolidated Fund of India.” Here are the key details of Article 266:
- Consolidated Fund of India: Article 266 deals with the Consolidated Fund of India, which is the most important of the three funds created under the Constitution, the other two being the Contingency Fund of India and the Public Account.
- Receipts into the Consolidated Fund: All revenues received by the Government of India, such as taxes, duties, fines, and fees, are credited into the Consolidated Fund of India. This includes both revenue received by the central government and revenue collected on its behalf by the states.
- Expenditure from the Consolidated Fund: All expenditures of the central government are made from the Consolidated Fund of India. This includes the expenses related to the day-to-day functioning of the government, as well as various schemes and programs.
- No Withdrawal without Parliamentary Authorization: No money can be withdrawn from the Consolidated Fund except under the authority of a warrant issued by the President of India, which is in accordance with the law passed by Parliament. This ensures that government spending is subject to parliamentary oversight.
- Audit and Accountability: The accounts of the central government are audited by the Comptroller and Auditor General of India (CAG), who submits reports to the President. These reports are then placed before Parliament for examination and discussion.
In summary, Article 266 of the Indian Constitution establishes the Consolidated Fund of India as the primary fund into which all revenues are deposited and from which all expenditures of the central government are made. This helps ensure financial transparency and accountability in government operations.
Constitution Of India Part 12 Finance, Property, Contracts And Suits – Articles 264 to 300
Article 264 of Indian Constitution
Article 265 of Indian Constitution
Article 266 of Indian Constitution
Article 267 of Indian Constitution – Contingency Fund
Article 268 of Indian Constitution – Distribution of Revenues between the Union and the States
Article 269 of Indian Constitution
Article 270 of Indian Constitution
Article 271 of Indian Constitution
Article 272 of Indian Constitution
Article 273 of Indian Constitution
Article 274 of Indian Constitution
Article 275 of Indian Constitution
Article 276 of Indian Constitution
Article 277 of Indian Constitution
Article 278 of Indian Constitution
Article 279 of Indian Constitution
Article 280 of Indian Constitution
Article 28 of Indian Constitution
Article 282 of Indian Constitution
Article 283 of Indian Constitution
Article 284 of Indian Constitution
Article 285 of Indian Constitution
Article 286 of Indian Constitution
Article 287 of Indian Constitution
Article 288 of Indian Constitution
Article 289 of Indian Constitution
Article 290 of Indian Constitution
Article 291 of Indian Constitution
Article 292 of Indian Constitution
Article 293 of Indian Constitution
Article 294 of Indian Constitution
Article 295 of Indian Constitution
Article 296 of Indian Constitution
Article 297 of Indian Constitution
Article 298 of Indian Constitution
Article 299 of Indian Constitution
Article 300 of Indian Constitution