Article 266: Consolidated Fund and Public Account of India
A clear distinction between the Consolidated Fund and Public Account under Article 266, with the Contingency Fund kept separate under Article 267.
Article 266 provides for the Consolidated Fund of India and the Public Account of India; the Contingency Fund is a separate provision under Article 267.
The Consolidated Fund
Article 266(1) provides for a Consolidated Fund for the Union and each state. Government revenues, loans raised and loan repayments received form part of the relevant fund, subject to the constitutional text.
Money can be withdrawn from the Consolidated Fund only under the Constitution and applicable appropriation process. At the Union level, parliamentary authorisation is central to withdrawal.
The Public Account and Article 267
Article 266(2) provides that other public money received by or on behalf of the Union or a state, other than the revenues and loans described in clause (1), is credited to the Public Account. It is not simply another name for the Consolidated Fund.
Article 267 separately provides for the Contingency Fund of India and state contingency funds. For exams, remember: Article 266 covers the Consolidated Fund and Public Account; Article 267 covers the Contingency Fund.
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Frequently asked questions
Which article provides for the Consolidated Fund and Public Account?
Article 266.
Which article provides for the Contingency Fund?
Article 267.