Question
Download Solution PDFThe Contingency Fund of India is to be augmented from Rs. 500 crores to _________ crores through the Finance Bill as per the Union Budget 2021-22.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Rs. 30,000.
Key Points
- In the union budget of India 2021-22, a proposal to enhance the Contingency Fund of India from ₹500 crore to ₹30,000 crores was introduced through a Finance Bill.
- The government has also altered the spending norms of the Contingency Fund of India.
- An amount equivalent to 40% of the Fund corpus shall be placed at the disposal of the Secretary, Ministry of Finance, Department of Expenditure for the purpose of meeting unforeseen expenditures like natural disasters and other emergencies.
- The remaining Contingency Fund releases exceeding the given limit shall be made with the approval of the Secretary to the Government of India, Department of Economic Affairs, after the approval of the Secretary to the Government of India, Department of Expenditure.
Additional Information
- The contingency fund was made to tackle unnatural conditions like disasters and other unforeseen emergency expenses.
- The fund is held by the Department of Economic Affairs on behalf of the President of India and it can be operated by executive action.
- The fund can be increased through a Finance Bill when Parliament is in session or through an ordinance if the house is not in session.
- The Contingency Fund of India is established under Article 267(1) of the Indian Constitution under the Contingency Fund Of India Act 1950.
Last updated on Jun 13, 2025
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