Article 266 of Constitution of India – Consolidated Funds and public accounts of India and of the States
Article 266 of Constitution of India deals with Consolidated Funds and public accounts of India and of the States
Original Text of Article 266 of Constitution of India
(1) Subject to the provisions of article 267 and to the provisions of this Chapter with respect to the assignment of the whole or part of the net proceeds of certain taxes and duties to States, all revenues received by the Government of India, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled “the Consolidated Fund of India”, and all revenues received by the Government of a State, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled “the Consolidated Fund of the State”.
(2) All other public moneys received by or on behalf of the Government of India or the Government of a State shall be credited to the public account of India or the public account of the State, as the case may be.
(3) No moneys out of the Consolidated Fund of India or the Consolidated Fund of a State shall be appropriated except in accordance with law and for the purposes and in the manner provided in this Constitution.
Questions related to Article 266 of Constitution of India
According to Indian Kanoon, Article 266 of the Indian Constitution deals with the Consolidated Funds and Public Accounts of India and the States. It specifies how all government revenues and loans should be credited and utilized.
Article 266 is crucial among the Articles of Indian Constitution because it governs the financial management of both the Centre and States. It ensures proper allocation and accountability of public money under the Constitution of India.
As per Article 266 of the Indian Constitution, the Consolidated Fund is the main government account for all revenues and loans. The Public Account consists of funds held by the government in trust, such as provident funds, small savings, etc.
Article 266 of the Constitution of India ensures that no money from the Consolidated Fund of India or a State can be withdrawn without authorization by law, as per Indian Kanoon provisions, thus ensuring transparency and accountability.
You can read the complete details of Article 266 of the Indian Constitution on trusted legal resources like Indian Kanoon or refer to UPSC notes from reliable sources like 99notes.in for easy understanding of Articles of Indian Constitution.
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