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Q: Consolidated Fund of India is a fund in which-
  • A. All taxes collected by the Union and State governments are deposited except income tax.
  • B. All funds received by or on behalf of the government of India are deposited.
  • C. Union and State governments contribute equally to it.
  • D. The savings of union and state governments are deposited
Correct Answer: Option B - All revenues received by the government, loans taken from the market and interest received on approved loans are deposited in the Consolidated Fund. The Consolidated Fund is established under Article 266 of the Constitution of India. This is such type of fund, in which all the deposits/revenue deposits, loans taken are deposited.
B. All revenues received by the government, loans taken from the market and interest received on approved loans are deposited in the Consolidated Fund. The Consolidated Fund is established under Article 266 of the Constitution of India. This is such type of fund, in which all the deposits/revenue deposits, loans taken are deposited.

Explanations:

All revenues received by the government, loans taken from the market and interest received on approved loans are deposited in the Consolidated Fund. The Consolidated Fund is established under Article 266 of the Constitution of India. This is such type of fund, in which all the deposits/revenue deposits, loans taken are deposited.