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Answer

Correct Option is Only 3

The Constitution of India provides for the following three kinds of funds for the Central government 1.Consolidated Fund of India (Article 266) 2.Public Account of India (Article 266) 3.Contingency Fund of India (Article 267) Consolidated Fund of India It is a fund to which all receipts are credited and all payments are debited. 1. All revenues received by the Government of India 2.All loans raised by the Government by the issue of treasury bills, loans or ways and means of advances 3. All money received by the government in repayment of loans forms the Consolidated Fund of India. All the legally authorised payments on behalf of the Government of India are made out of this fund. No money out of this fund can be appropriated (issued or drawn) except in accordance with parliamentary law. Thus only statement 3 is incorrect.

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