Consider the following pairs: 1. Consolidated Fund of India : Payment from the fund can be made without Parliamentary appropriation. 2. Contigency Fund of India : Held by Finance Secretary on behalf of the President of India. 3. Public Account of India : Executive requires Parliamentary approval to withdraw money from this account. How many of the above pairs are correct?

Consolidated Fund of India

• The Consolidated Fund of India is established under Article 266 of the Indian Constitution.
• It is the chief account of the Government of India, where all revenues received, loans raised, and no money can be withdrawn from the Consolidated Fund of India without the approval of Parliament. This ensures legislative control over public finances. Hence, pair 1 is incorrectly matched.

Contingency Fund of India

• The Contingency Fund of India is constituted under Article 267(1) of the Indian Constitution.
• It is placed at the disposal of the President of India, who can authorize expenditure from it to meet unforeseen expenses that require immediate attention.
• The fund is administered by the Ministry of Finance on behalf of the President of India. Hence, pair 2 is correctly matched.
• Examples include natural disasters, war, sudden economic crises, and other emergencies.

The Public Account

• The Public Account are established under Article 266 of the Indian Constitution.
• It includes funds that do not belong to the government but are kept with the government for safekeeping. Examples include provident funds, small savings, and deposits in nationalized banks.
• The government acts as a banker or trustee for these funds, and they are not subject to parliamentary appropriation. Withdrawals from this account do not require parliamentary approval. Hence, pair 3 is incorrectly matched.