{"id":34670,"date":"2024-03-19T06:30:56","date_gmt":"2024-03-19T06:30:56","guid":{"rendered":"https:\/\/edukemy.com\/blog\/?p=34670"},"modified":"2024-03-19T06:30:58","modified_gmt":"2024-03-19T06:30:58","slug":"public-account-of-india-upsc-economy-notes","status":"publish","type":"post","link":"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/","title":{"rendered":"Public Account of India &#8211; UPSC Economy Notes"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-economy?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Blog+Economy\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1280\" height=\"300\" src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17.png\" alt=\"\" class=\"wp-image-42386\" srcset=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17.png 1280w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17-1170x274.png 1170w, https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/17-585x137.png 585w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li>The Public Account of India is a <strong>constitutionally created fund, established under Article 266(2), designated to accommodate specifically mobilized financial resources of the central government.&nbsp;<\/strong><\/li><li>All other public money, except that credited to the Consolidated Fund of India, received by or on behalf of the Government of India must be credited to the Public Account of India.&nbsp;<\/li><li>This account serves as a<strong> repository for trust-held funds by the government, including Provident Funds, Small Savings collections, and revenue allocated for project-specific expenditures.<\/strong><\/li><\/ul>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-69d71d9228af1\" class=\"ez-toc-cssicon-toggle-label\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-cssicon\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d71d9228af1\"  \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Public_Account_of_India\" title=\"Public Account of India\">Public Account of India<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Difference_Between_Consolidated_Fund_and_Public_Account_of_India\" title=\"Difference Between Consolidated Fund and Public Account of India\">Difference Between Consolidated Fund and Public Account of India<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#FAQs\" title=\"FAQs\">FAQs<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Q_What_is_the_Public_Account_of_India\" title=\"Q: What is the Public Account of India?\">Q: What is the Public Account of India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Q_What_are_the_main_sources_of_revenue_for_the_Public_Account_of_India\" title=\"Q: What are the main sources of revenue for the Public Account of India?\">Q: What are the main sources of revenue for the Public Account of India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Q_How_is_the_Public_Account_of_India_different_from_the_Consolidated_Fund_of_India\" title=\"Q: How is the Public Account of India different from the Consolidated Fund of India?\">Q: How is the Public Account of India different from the Consolidated Fund of India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Q_Who_manages_the_Public_Account_of_India\" title=\"Q: Who manages the Public Account of India?\">Q: Who manages the Public Account of India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Q_What_are_some_examples_of_transactions_recorded_in_the_Public_Account_of_India\" title=\"Q: What are some examples of transactions recorded in the Public Account of India?\">Q: What are some examples of transactions recorded in the Public Account of India?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#In_case_you_still_have_your_doubts_contact_us_on_9811333901\" title=\"In case you still have your doubts, contact us on 9811333901.&nbsp;\">In case you still have your doubts, contact us on 9811333901.&nbsp;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edukemy.com\/blog\/public-account-of-india-upsc-economy-notes\/#Visit_our_YouTube_Channel_%E2%80%93_here\" title=\"Visit our YouTube Channel &#8211;&nbsp;here\">Visit our YouTube Channel &#8211;&nbsp;here<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Public_Account_of_India\"><\/span><strong>Public Account of India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>The Public Account of India serves as a <strong>ledger for transactions where the government acts as a banker. Deposits in provident funds, judicial deposits, savings bank deposits, departmental deposits, and remittances exemplify such transactions.&nbsp;<\/strong><\/li><li><strong>Article 266 (2) <\/strong>of the Constitution established this fund. Funds within the public accounts are not owned by the government and must be returned to the depositors.&nbsp;<\/li><li><strong>Parliamentary approval is generally not required for withdrawals, except when funds are initially withdrawn from the Consolidated Fund and allocated to the Public Account for specific purposes.<\/strong>&nbsp;<\/li><li>Each state may have its own public account variant.&nbsp;<\/li><li>The Comptroller and Auditor General oversees the audit of all expenditures from the Public Account of India.<\/li><li>There are <strong>five primary heads of accounts under the Public Account<\/strong> \u2014&nbsp;<ul><li>Small Savings,&nbsp;<\/li><li>Provident Fund and Other Accounts,&nbsp;<\/li><li>Reserve Funds,&nbsp;<\/li><li>Deposits and Advances,&nbsp;<\/li><li>Suspense and Miscellaneous, and&nbsp;<\/li><li>Remittances.<\/li><\/ul><\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Difference_Between_Consolidated_Fund_and_Public_Account_of_India\"><\/span><strong>Difference Between Consolidated Fund and Public Account of India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table><tbody><tr><td><strong>Details<\/strong><\/td><td><strong>Consolidated Fund (Article 266(1))<\/strong><\/td><td><strong>Public Account of India (Article 266(2))<\/strong><\/td><\/tr><tr><td><strong>Importance<\/strong><\/td><td>Most significant<\/td><td>Holds government revenue<\/td><\/tr><tr><td><\/td><td>Accounts for all government revenue<\/td><td>Serves as a banker<\/td><\/tr><tr><td><\/td><td>Taxable and non-taxable<\/td><td>Future payments to legitimate owners<\/td><\/tr><tr><td><strong>Approval<\/strong><\/td><td>Parliamentary approval required<\/td><td>Presidential authorization<\/td><\/tr><tr><td><strong>Examples<\/strong><\/td><td>Loans, interest, allowances, salaries<\/td><td>Provident funds, deposits, remittances<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Indian <strong>Constitution stipulates the maintenance of government accounts. It mandates the establishment of a public account, a contingency fund, and the Consolidated Fund of India.<\/strong> Specifically, Article 266 of the Constitution delineates the creation of these funds. The Public Account of India is a constitutional provision designed to contain certain mobilized financial resources of the central government. <strong>Article 266 defines the Public Account as funds received on behalf of the Government of India.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_is_the_Public_Account_of_India\"><\/span>Q: What is the Public Account of India? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: The Public Account of India is one of the three parts of the government accounts, along with the Consolidated Fund of India and the Contingency Fund of India. It records transactions that do not belong to the government but are received and disbursed by it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_are_the_main_sources_of_revenue_for_the_Public_Account_of_India\"><\/span>Q: What are the main sources of revenue for the Public Account of India? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: The primary sources of revenue for the Public Account of India include deposits and receipts related to specific schemes, funds, and other miscellaneous transactions. This includes deposits from individuals, organizations, and governments for specific purposes such as savings schemes, small savings, and other public funds.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_How_is_the_Public_Account_of_India_different_from_the_Consolidated_Fund_of_India\"><\/span>Q: How is the Public Account of India different from the Consolidated Fund of India? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: The Consolidated Fund of India consists of all revenues received by the government, including taxes, loans raised, and other receipts, which are subject to parliamentary approval for expenditure. In contrast, the Public Account records transactions that do not form part of the Consolidated Fund, such as funds held in trust, specific schemes, and other deposits.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_Who_manages_the_Public_Account_of_India\"><\/span>Q: Who manages the Public Account of India? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: The Public Account of India is managed by the executive branch of the government, specifically the Ministry of Finance. However, the transactions are subject to parliamentary oversight and audit by the Comptroller and Auditor General of India (CAG) to ensure transparency and accountability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q_What_are_some_examples_of_transactions_recorded_in_the_Public_Account_of_India\"><\/span>Q: What are some examples of transactions recorded in the Public Account of India? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A: Examples of transactions recorded in the Public Account include proceeds from the sale of shares, deposits for specific schemes like the National Small Savings Fund, funds held in trust, and receipts from loans raised by the government for specific purposes such as irrigation projects or infrastructure development.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><a href=\"https:\/\/edukemy.com\/upsc\/upsc-essay?utm_source=Blog&amp;utm_medium=Banner&amp;utm_campaign=Essay\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" data-src=\"https:\/\/edukemy.com\/blog\/wp-content\/uploads\/2024\/06\/UPSC-Essay-Course-1280\u00d7300-1-3.svg\" alt=\"\" class=\"wp-image-42688 lazyload\" width=\"781\" height=\"182\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 781px; --smush-placeholder-aspect-ratio: 781\/182;\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"In_case_you_still_have_your_doubts_contact_us_on_9811333901\"><\/span><strong>In case you still have your doubts, contact us on 9811333901.<\/strong>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For UPSC Prelims Resources,&nbsp;<a href=\"https:\/\/edukemy.com\/upsc-cse-prelims-resource-centre\" target=\"_blank\" rel=\"noreferrer noopener\">Click here<\/a><\/p>\n\n\n\n<p>For Daily Updates and Study Material:<\/p>\n\n\n\n<p>Join our Telegram Channel &#8211;&nbsp;<a href=\"https:\/\/t.me\/WithEdukemy4IAS\" target=\"_blank\" rel=\"noreferrer noopener\">Edukemy for IAS<\/a><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1. Learn through Videos &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3vOD8sU\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><li>2. Be Exam Ready by Practicing Daily MCQs &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3Q9z2nF\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><li>3. Daily Newsletter &#8211; Get all your Current Affairs Covered &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3bE2y5J\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><li>4. Mains Answer Writing Practice &#8211;&nbsp;<a href=\"https:\/\/bit.ly\/3mZuVxl\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Visit_our_YouTube_Channel_%E2%80%93_here\"><\/span>Visit our YouTube Channel &#8211;&nbsp;<a href=\"https:\/\/www.youtube.com\/@EduKemyforIAS\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>The Public Account of India is a constitutionally created fund, established under Article 266(2), designated to accommodate specifically mobilized financial resources of the central government.\u00a0<\/p>\n","protected":false},"author":17,"featured_media":34671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[209],"tags":[235,2697,232,213,140],"class_list":["post-34670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-notes","tag-economy-notes","tag-public-account-of-india","tag-upsc","tag-upsc-notes","tag-upsc_preparation_strategy"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/comments?post=34670"}],"version-history":[{"count":1,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34670\/revisions"}],"predecessor-version":[{"id":34672,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/posts\/34670\/revisions\/34672"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media\/34671"}],"wp:attachment":[{"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/media?parent=34670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/categories?post=34670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edukemy.com\/blog\/wp-json\/wp\/v2\/tags?post=34670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}