WBCS.LIVE practice question

All revenues received by the Union government by way of direct and indirect taxes, money borrowed and receipts from loans given by the government flow into

Solve this multiple-choice question and check the correct answer with its explanation below.

Answer options

  1. the Public Accounts of India.
  2. the Consolidated Fund of India.
  3. the Contingency Fund of India.
  4. None of the above

Correct answer and explanation

Correct answer: the Consolidated Fund of India.

Explanation: āœ… Correct Answer: B) the Consolidated Fund of India. šŸ“š Explanation: According to Article 266, all tax revenues and loans received by the Union Government are kept in the 'Consolidated Fund of India'. This is the government's main bank account. No money can be taken out of this fund without the formal approval of the Parliament. It is the largest fund used to pay for all major national expenses.