question_answer

Which of the following about the Contingency Fund of India is/are correct?

1. Contingency Fund of India has been created under a law passed by Parliament.

2. The fund is held by the Finance Secretary on behalf of President.

3. The present size of the fund is Rs.500crore.

Select the correct answer using the codes given below.

A)  1 and 2           

B)  2 and 3

C)  Only 3             

D) [d] Unlike the Consolidated Fund of India, Contingency Fund has to be created under a law passed by Parliament since the relevant constitutional provision (Article 267(1)) in this case was only an enabling provision The fund is placed at the disposal of the President of India, who can make appropriations out of it to meet unforeseen expenditures without requiring parliamentary approval fund is operated by the Finance Secretary on behalf of the President. The present size of the fund is Rs.500 crore which was raised recently from its earlier size of Rs.50 crore.