Discussion
All revenues received, loans raised and money received in repayment of loans by the Union government go into
Answer: C
Correct answer: Consolidated fund of India
Article 266 of the Constitution establishes the Consolidated Fund of India, into which all revenues received, all loans raised and all money received in repayment of loans must be paid. No money may be withdrawn from it except by appropriation made by law - the basis of Parliament's control over public spending.
The Public Account, also under Article 266, holds money the government merely holds in trust, such as provident fund balances. The Contingency Fund under Article 267 is a small imprest at the President's disposal for unforeseen expenditure, later regularised by Parliament.
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