Budget 2019: What is Public Account | Public Account Meaning and Definition
Receipts and disbursements which do not form part of the Consolidated Fund of India are included in the public accounts of India.
Representative image (Reuters)
The Public Account of India was constituted by Article 266(2)of the Indian Constitution. It deals with the money received by the government, i.e. state provident funds, various pre-deposits under income tax, depreciation and reserve funds of departmental undeetakings are paid into public accounts. Thus, receipts and disbursements which do not form part of the Consolidated Fund of India are included in the public accounts of India.
Public Account of India accounts for flows for those transactions where the government is merely acting as a banker. Examples of those are provident funds, small savings and so on. These funds do not belong to the government. They have to be paid back at some time to their rightful owners. Because of this nature of the fund, expenditures from it are not required to be approved by the Parliament.
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