BEWARE OF FAKE INSTITUTES WITH SIMILAR NAMES. blank    blank
banner

Essentials of India's Financial Funds: CFI, PAI, and CFI



  Jun 13, 2024

Essentials of India's Financial Funds: CFI, PAI, and CFI



Q: What is the Consolidated Fund of India (CFI)?

A: The CFI is the primary government account where all revenues, loans, and repayments received by the Union government are deposited. It's like the government's main bank account.

Q: What types of revenues are included in the CFI?

A: The CFI includes all tax revenues (personal income tax, corporate tax, customs, excise duties) and non-tax revenues (license fees, RBI dividends, profits from public sector undertakings).

Q: How is money spent from the CFI?

A: Any expenditure from the CFI requires approval through an Appropriation Bill passed by the Parliament.

Q: What is the Public Account of India (PAI)?

A: The PAI is an account where the government holds money on behalf of others. It's like a bank account where the government acts as a custodian for funds like provident funds and small savings.

Q: Does spending from the PAI require parliamentary approval?

A: No, expenditure from the PAI doesn't require parliamentary approval because the funds don't belong to the government.

Q: What are some examples of funds included in the PAI?

A: The PAI includes provident funds, small savings, and other dedicated funds like the National Clean Energy Fund,National Investment Fund, and National Disaster Response Fund (NDRF).

Q: What is the Contingency Fund of India (CFI)?

A: The CFI is a fund created to meet unforeseen expenditures when the Parliament is not in session. The President can authorize withdrawals from this fund, which are later replenished through a Money Bill.

Q: What is the current size of the CFI?

A: The CFI was initially ₹50 crores, increased to ₹500 crores in 2005, and further raised to ₹30,000 crores in 2021.






Share:
 

Get a call back

Fill the below form to get free counselling for UPSC Civil Services exam preparation

 
UPSC DAILY CURRENT AFFAIRS

 
Top ten most populous countries as of 2024:
 
Curiosity rover of NASA :
 
Nitrogen Pollution in Indian Agriculture
 
Indian Vulture Decline and Conservation Efforts
 
Just Transition in India:Climate change
 
GINI COEFFICIENT and INDIA
 
INDIA'S EMPLOYMENT CRISIS
 
KARNATAKA STATE EMPLOYMENT OF LOCAL CANDIDATES BILL, 2024
 
STATES AND SCHEDULED CASTES LIST
 
CHANDIPURA VIRUS IN GUJARATQ:
 
YSMS TECHNOLOGYand MILITANCY IN JAMMU
 
RESERVATION IN THE PRIVATE SECTOR
 
INDIA and INVESTOR-STATE DISPUTE SETTLEMENT (ISDS)
 
BORDER MANAGEMENT
 
RUPEE DEVALUATION AND THE J-CURVE EFFECT