What does Public Account mean?

What does Public Account mean?

Article 266 of the Constitution defines the Public Account as being those funds that are received on behalf of the Government of India. Public Account funds do not belong to the government and have to be finally paid back to the persons and authorities that deposited them.

What is Public Account in Bank?

Definition: Public Account of India accounts for flows for those transactions where the government is merely acting as a banker. These funds do not belong to the government. They have to be paid back at some time to their rightful owners.

What is Public Account in state budget?

The Public Accounts as defined in Article 266(2) of the Constitution of India comprises all public money received by or on behalf of the Govt. which are not credited to the Consolidated Fund of the State.

What is the difference between Consolidated Fund and Public Account of India?

All revenues received, loans raised and all moneys received by the Government in repayment of loans are credited to the Consolidated Fund of India and all expenditures of the Government are incurred from this fund. All other moneys received by or on behalf of Government are credited to the Public Account.

What is public account liability?

The debt contracted against the Consolidated Fund of India is defined as public debt and includes all other funds received outside Consolidated Fund of India under Article 266 (2) of the Constitution, where the government merely acts as a banker or custodian. The second type of liabilities is called public account.

Who controls public account of India?

The Public Account of India is a constitutionally created fund to park certain specially mobilised financial resources of the central government.

Who get salary from public account of India?

It deals with the money received by the Indian Government, i.e. state provident funds, various pre-deposits under national small savings fund, depreciation and reserve funds of departmental undertakings, national defense fund, etc. are paid into public accounts.

What is public funds in India?

Who holds public account of India?

The Public Account of India was constituted by Article 266(2) of the Indian Constitution which states that “All other public moneys received by or on behalf of the Government of India or the Government of a State shall be credited to the public account of India or the public account of the State, as the case may be.” …

Who all get salary from Consolidated Fund of India?

Salaries and allowances of the Chairman and the Deputy Chairman of the Rajya Sabha and the Speaker and the Deputy Speaker of the Lok Sabha. Salaries, allowances and pensions of the judges of the Supreme Court. Pensions of the judges of high courts.