| Consider the following statements: |
| 1. Public Accounts of India does not contain normal receipts of Government |
| 2. There is no need for parliament approval to incur money from Public Account of India. Which among the above statements is/ are correct? |
A) Only 1
B) Only 2
C) Both 1 & 2
D) neither 1 nor 2
Correct Answer: C
Solution :
[c] Public Account of India: This fund was constituted under Article 266 (2) of the Constitution. It accounts for flows for those transactions where the government is merely acting as a banker. Examples of those are provident funds, small savings and so on. These funds do not belong to the government. They have to be paid back at some time to their rightful owners. Because of this nature of the fund, expenditures from it are not required to be approved by the Parliament.
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