Question

Who is the custodian of consolidated fund of india?

Answer 1

The Consolidated Fund of India is by far one of the most important kinds of government fund accounts, which was constituted by the Indian Constitution under the Article 266 (1).

The Comptroller and Auditor General (CAG) of India is an authority which was established under Article 148 of the Indian Constitution. The CAG of India is responsible for auditing the consolidated funds and reports their management to the relevant legislatures.

The Consolidated fund is a fund which includes the major part of the revenues and resources of India’s Central Government, like the tax revenues, non-tax revenues, loan deposit, loan repayments etc. The state revenues are paid to the consolidated fund of the respective states.