- The accounts of the Government of India are kept in three parts.
Consolidated Fund of India (CFI)
- All revenues (taxes, non-tax receipts) are credited here.
- All loans raised by the government are credited here.
- All expenditures, including debt repayment and loans to states, are debited from here.
- No amount can be withdrawn without Parliament’s authorization.
Contingency Fund of India
- An imprest (fixed fund) account.
- Kept at the disposal of the President of India.
- Used to meet unforeseen expenses pending Parliament’s authorization.
- Money is recouped from CFI after Parliament’s approval.
- Corpus increased to Rs. 30,000 crores.
Public Account of India
- All public money received by the government, not credited to CFI.
- Receipts and disbursements are not subject to Parliament’s vote.
- Examples: Savings Certificates, Provident Funds, Security Deposits.
- Government acts as a Banker or Trustee for these funds.