{"id":2259,"date":"2024-04-26T04:22:38","date_gmt":"2024-04-25T22:52:38","guid":{"rendered":"https:\/\/lotusarise.com\/qna\/?p=2259"},"modified":"2024-04-26T04:22:38","modified_gmt":"2024-04-25T22:52:38","slug":"q-with-reference-to-the-union-government-consider-the-following-statements-2","status":"publish","type":"post","link":"https:\/\/lotusarise.com\/qna\/upsc\/q-with-reference-to-the-union-government-consider-the-following-statements-2","title":{"rendered":"Q. With reference to the Union Government, consider the following statements:"},"content":{"rendered":"\n
    \n
  1. The\u00a0Department of Revenue<\/strong>\u00a0is responsible for the preparation of Union Budget that is presented to the Parliament.<\/li>\n\n\n\n
  2. No amount can be withdrawn from the Consolidated Fund of India without the authorization from the Parliament of India.<\/li>\n\n\n\n
  3. All the disbursements made from\u00a0Public Account<\/strong>\u00a0also need the authorization from the Parliament of India.<\/li>\n<\/ol>\n\n\n\n

    Which of the statements given above is\/are correct?<\/p>\n\n\n\n

      \n
    • 1 and 2 only<\/li>\n\n\n\n
    • 2 and 3 only<\/li>\n\n\n\n
    • 2 only<\/li>\n\n\n\n
    • 1, 2 and 3<\/li>\n<\/ul>\n\n\n\n
      \n

      Answer:<\/strong> (c) 2 only<\/strong><\/p>\n<\/blockquote>\n\n\n\n

      Notes:<\/h5>\n\n\n\n
        \n
      • Union Budget<\/strong>:\n
          \n
        • Article 112<\/strong>\u00a0to the Indian Constitution defines the term \u2018Financial Statement<\/strong>\u2018 also referred to as the Union Budget.<\/li>\n\n\n\n
        • It is the\u00a0statement of the\u00a0estimated receipts<\/strong>\u00a0and\u00a0expenditure<\/strong>\u00a0of the government for that particular year.<\/li>\n\n\n\n
        • It is now presented on the\u00a01st of February<\/strong>\u00a0instead of the last day of February so that sufficient time is there for the budget provisions to get materialized.\n
            \n
          • 2017<\/strong>\u00a0onwards, the\u00a0Railway Budget got merged with the Union Budget<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
          • The responsibility of the budget is given to the\u00a0Budget Division of the Department of Economic Affairs<\/strong>\u00a0in the Finance Ministry.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
          • Department of Economic Affairs<\/strong>:\n
              \n
            • This is the\u00a0nodal agency for formulating the economic policies and programs of the Union Government<\/strong>\u00a0that influence the domestic and international aspects of economic management.<\/li>\n\n\n\n
            • The most significant role of the department is the\u00a0preparation of the Union Budget<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
            • Department of Revenue<\/strong>:\n
                \n
              • This department looks into the matters relating to the\u00a0Direct and Indirect Union Taxes<\/strong>.<\/li>\n\n\n\n
              • The\u00a0Central Board of Direct Taxes (CBDT)<\/strong>\u00a0and the\u00a0Central Board of Indirect Taxes and Customs (CBIC)<\/strong>\u00a0works under the supervision of the\u00a0Department of Revenue<\/strong>.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
              • Department of Financial Services<\/strong>:\n
                  \n
                • The financial services provided by the institutions like\u00a0banks, insurance companies, etc.<\/strong>\u00a0come under the\u00a0Department of Financial Services<\/strong>.<\/li>\n\n\n\n
                • The\u00a0Pension Fund Regulatory and Development Authority (PFRDA)<\/strong>\u00a0works under the supervision of\u00a0the\u00a0Department of Financial Services.<\/li>\n<\/ul>\n<\/li>\n\n\n\n
                • Department of Expenditure<\/strong>:\n
                    \n
                  • It is the nodal agency for supervising the\u00a0P<\/strong>ublic Financial Management System (PFMS)<\/strong>\u00a0and matters connected with the finances.<\/li>\n\n\n\n
                  • The\u00a0National Institute of Financial Management (NIFM)<\/strong>, Faridabad is under the administrative control of the Department of Expenditure.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n
                    Public Account of India<\/h6>\n\n\n\n
                      \n
                    • Public Account of India<\/strong>\u00a0is a constitutionally created fund, under\u00a0Article 266(2)<\/strong>\u00a0to park certain specially mobilised financial resources of the central government.<\/li>\n\n\n\n
                    • All other public money (other than those which are credited to the Consolidated Fund of India) received by or on behalf of the Government of India shall be credited to the Public Account of India.<\/li>\n\n\n\n
                    • The Public Account is where funds held in trust by the government are stored, such as Provident Funds, Small Savings collections, and revenue put aside for spending on specific projects.<\/li>\n\n\n\n
                    • Public Accounts includes\u00a0provident fund deposits, judicial deposits, savings bank deposits, departmental deposits, remittances and so on<\/strong>.<\/li>\n\n\n\n
                    • This account is operated by executive action, that is, the payments from this account can by made\u00a0without parliamentary appropriation<\/strong>. Such payments are mostly in the nature of banking transactions.<\/li>\n\n\n\n
                    • The\u00a0Comptroller and Auditor General<\/strong>\u00a0is in charge of auditing all expenditures from the Public Account of India.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                      Which of the statements given above is\/are correct? Answer: (c) 2 only Notes: Public Account of India<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[1,3],"tags":[39],"years":[58],"class_list":["post-2259","post","type-post","status-publish","format-standard","hentry","category-upsc","category-prelims","tag-indian-polity","years-58"],"acf":[],"taxonomy_info":{"category":[{"value":1,"label":"UPSC"},{"value":3,"label":"Prelims"}],"post_tag":[{"value":39,"label":"Indian Polity"}],"years":[{"value":58,"label":"2015"}]},"featured_image_src_large":false,"author_info":{"display_name":"LotusArise","author_link":"https:\/\/lotusarise.com\/qna\/author\/team-lotusarise"},"comment_info":0,"category_info":[{"term_id":1,"name":"UPSC","slug":"upsc","term_group":0,"term_taxonomy_id":1,"taxonomy":"category","description":"","parent":0,"count":1269,"filter":"raw","cat_ID":1,"category_count":1269,"category_description":"","cat_name":"UPSC","category_nicename":"upsc","category_parent":0},{"term_id":3,"name":"Prelims","slug":"prelims","term_group":0,"term_taxonomy_id":3,"taxonomy":"category","description":"","parent":1,"count":1251,"filter":"raw","cat_ID":3,"category_count":1251,"category_description":"","cat_name":"Prelims","category_nicename":"prelims","category_parent":1}],"tag_info":[{"term_id":39,"name":"Indian Polity","slug":"indian-polity","term_group":0,"term_taxonomy_id":39,"taxonomy":"post_tag","description":"","parent":0,"count":188,"filter":"raw"}],"_links":{"self":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/2259","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/comments?post=2259"}],"version-history":[{"count":0,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/posts\/2259\/revisions"}],"wp:attachment":[{"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/media?parent=2259"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/categories?post=2259"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/tags?post=2259"},{"taxonomy":"years","embeddable":true,"href":"https:\/\/lotusarise.com\/qna\/wp-json\/wp\/v2\/years?post=2259"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}