Advertisement
Budget 2021-22 proposed to enhance the Contingency Fund of India from Rs 500 crore to Rs 30,000 crore through Finance Bill.
”An amount equivalent to 40 percent 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 expenditure, and beyond this limit, all further Contingency Fund releases shall be made with the approval of Secretary to the Government of India, Department of Economic Affairs, after the approval of Secretary to the Government of India, Department of Expenditure,” a notification said.
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 Contingency Fund of India exists for disasters and related unforeseen expenditures.
Related Articles
Advertisement
Applications for advances required shall be made to the Expenditure Secretary and applications for advances of new loans shall be made to the Economic Affairs Secretary, the notification added.