With reference to the Union Government, consider the following statements :
(1) The department of Revenue is responsible for the preparation of Union Budget that is
presented to the Parliament.
(2) No amount can be withdrawn from the Consolidated Fund of India without the authorization
from the Parliament of India.
(3) All the disbursements made from Public Account also need the authorization from the
Parliament of India.
Which of the statements given above is/ are correct?
The constitution establishes three types of funds – Consolidated Fund of India; Public Account; Contingency Fund. Prior authorization is required for withdrawing from Consolidated Fund of India. For Contingency fund of India, withdrawal can be authorized by the Parliament afterwards too. For Public Account, no such authorization is needed. Assessing the revenues from different central taxes is the primary function of the Department of Revenue and the expenditure estimates for the current and the next year for various expenditure heads are assessed by the Department of Expenditure. The Department of Expenditure also assesses the resources of the public sector undertakings (PSUs). The Budget division is a part of the Department of Economic Affairs. The Finance Secretary coordinates the overall Budget-making processTikdam: Public account is with central govt, no parliamentary approval