Current Questions
Government Budgeting :
Grants And Funds In Indian Budget
Consider the following statements:
- 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.
- The Comptroller and Auditor General (CAG) brings the demand for an excess grant to the notice of Parliament through a report on appropriation account.
- 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?
A |
Only 1
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B |
2 and 3
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C |
1 and 3
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D |
1,2 and 3
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The Fiscal Responsibility And Budget Management (FRBM) Act
Consider the following statements:
- 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.
- 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.
A |
Only 1
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B |
Only 2
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C |
Both 1 and 2
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D |
Neither 1 nor 2
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Finance Bill
Consider the following statements with reference to the Finance Bill:
- 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.
- This Bill encompasses all amendments required in various laws pertaining to tax, in accordance with the tax proposals made in the Union Budget.
- The Finance Bill, as a Money Bill, needs to be passed both by the Lok Sabha and the Rajya Sabha.
A |
Only 1
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|
B |
1 and 2
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C |
1 and 3
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D |
1, 2 and 3
|
Appropriation Bill
Consider the following statements with reference to the Appropriation Bill:
- Appropriation Bill gives power to the government to withdraw funds from the Consolidated Fund of India for meeting the expenditure during the financial year.
- Under Article 114, no amount can be withdrawn from the Consolidated Fund of India without the enactment of such a law by Parliament.
A |
Only 1
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B |
Only 2
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C |
Both 1 and 2
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D |
Neither 1 nor 2
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Annual Financial Statement
‘Annual Financial Statement’ of India is prepared by:
A |
CSO
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B |
Niti Aayog
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C |
Department of Economic Affairs
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D |
DIPAM
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Interim Budget
Consider the following statements:
- Interim Budget is a full budget in all practical sense, but is made by the government during the last year of its term.
- ‘Vote On Account’ deals only with the revenue side of the government’s budget.
- ‘Vote On Account’ is normally valid for 2 months.
Choose the correct answer from the code given below:
A |
1 only
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B |
1 and 3 only
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C |
1,2,and 3
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D |
2 only
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Consolidated Fund Of India (CFI)
Which of the following expenses are charged on Consolidated Fund of India (CFI)?
- Salaries & Allowances of Lokpal
- Salaries & Allowances of Comptroller & Auditor General (CAG)
- Expenses of UPSC
Choose the correct answer from the code given below:
A |
1 only
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B |
2 and 3 only
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|
C |
1, 2 and 3
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D |
1 and 2 only
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Showing 1-7 of 7 items.