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Budget For Newbies – 3 Funds In Which Union Budget Is Classified

The Annual Financial Statement has a lot of jargons which is very difficult for a layman to understand. The Annual Budget, which is a 16 page document, provides all the details regarding the total receipts and expenditure of the government. Consolidated fund, Public Account and Contingency fund are the three parts in which the Annual Budget is divided into.

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Contingency Fund

Any unforeseen or unexpected expenditure is met from this Contingency fund of Rs. 500 crore at the disposal of the President.

Revenue Receipt/ Expenditure

All receipts and expenditures which do not involve creation or sale of assets fall comes under revenue account.

Capital receipt/ expenditure

All receipts from lending and liquidating of assets is shown under capital account.

Public Account

This account is a collection of money from funds which belong to others such as public provident funds.

Consolidated Fund

All the revenues of the Government including money borrowed and loans flow into this fund. All expenditures of the government are made from this fund.

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