Current Affairs Questions

Government Budgeting:

Grants And Funds In Indian Budget

Consider the following statements:

  1. Supplementary Grant is granted when the amount authorised by the Parliament through the appropriation act for a particular service for the current financial year is found to be insufficient for that year.
  2. The Comptroller and Auditor General (CAG) brings the demand for an excess grant to the notice of Parliament through a report on appropriation account.
  3. Additional Grant is granted when a need has arisen during the current financial year for supplementary or additional expenditure upon some new service not contemplated in the Budget for that year.

Which of the statement(s) is/are correct?


The Fiscal Responsibility And Budget Management (FRBM) Act

Consider the following statements:

  1. The Fiscal Responsibility and Budget Management (FRBM) Act is a law enacted by the Government of India in 2003 to ensure fiscal discipline – by setting targets including reduction of fiscal deficits and elimination of revenue deficit.
  2. Under the Act, Escape clauses provide flexibility to governments to overshoot fiscal deficit targets in times of need, enabling them to respond to economic shocks.
Which of the statements given above is/are correct?

Finance Bill

Consider the following statements with reference to the Finance Bill:

  1. The Finance Bill is a part of the Union Budget, stipulating all the legal amendments required for the changes in taxation proposed by the Finance Minister.
  2. This Bill encompasses all amendments required in various laws pertaining to tax, in accordance with the tax proposals made in the Union Budget.
  3. The Finance Bill, as a Money Bill, needs to be passed both by the Lok Sabha and the Rajya Sabha.
Which of the statement(s) given above is/are correct?

Appropriation Bill

Consider the following statements with reference to the Appropriation Bill:

  1. Appropriation Bill gives power to the government to withdraw funds from the Consolidated Fund of India for meeting the expenditure during the financial year.
  2. Under Article 114, no amount can be withdrawn from the Consolidated Fund of India without the enactment of such a law by Parliament.
Choose the correct answer from the codes given below:

Consolidated Fund Of India (CFI)

Which of the following expenses are charged on Consolidated Fund of India (CFI)?

  1. Salaries & Allowances of Lokpal
  2. Salaries & Allowances of Comptroller & Auditor General (CAG)
  3. Expenses of UPSC

Choose the correct answer from the code given below:


Interim Budget

Consider the following statements:

  1. Interim Budget is a full budget in all practical sense, but is made by the government during the last year of its term.
  2. ‘Vote On Account’ deals only with the revenue side of the government’s budget.
  3. ‘Vote On Account’ is normally valid for 2 months.

Choose the correct answer from the code given below:


Annual Financial Statement

Annual Financial Statement’ of India is prepared by:


Showing 1-7 of 7 items.