write brief note on contingency fund
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Definition of 'Contingency Fund' Definition: Contingency Fund is created as an imprest account to meet some urgent or unforeseen expenditure of the government. Description: This fund was constituted by the government under Article 267 of the Constitution of India. This fund is at the disposal of the PM....
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The fund is held by the Finance Secretary (Department of Economic Affairs) on behalf of the President of India. It can be operated by executive action. The Contingency Fund of India exists for disasters and related unforeseen expenditures. In 2005, it was raised from Rs. 50 crore to Rs 500 crore.
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