The Budget documents comprise the inflow and outflow of money to and from __?
1. Consolidated Fund of India
2. Contingency Fund of India
3. Public Account of India
Select the correct option from the codes given below:

Answer: [D] All 1, 2 & 3

Article 112 (1) of the constitution says that “The President shall in respect of every financial year cause to be laid before both the Houses of Parliament a statement of the estimated receipts and expenditure of the Government of India for that year, in this Part referred to as the “annual financial statement”.” It consists of all expenditures which have to be charged from consolidated fund of India. As mandated in the Article 112 of the constitution the first document which is presented to both the houses of the parliament is “Annual Financial statement” It consist of :

  1. Statement I – Consolidated Fund of India : which Consists of Revenue Account – Receipts & Disbursements, as well as capital account
  1. Receipts and Disbursements.
  2. Statement IA – Disbursements ‘Charged’ on the Consolidated Fund of India
  3. Statement II – Contingency Fund of India – Receipts and Disbursements
  4. Statement III – Public Account of India
  5. Receipts & Expenditure of Union Territories without Legislature

This question is a part of GKToday's Integrated IAS General Studies Module