The Contingency Fund of India Act, 1950

LIST OF ABBREVIATIONS USED

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The Contingency Fund of India (Amendment) Act, 1970 (20 of 1970). The Contingency Fund of India (Amendment) Act, 1972 (10 of 1972). The Contingency Fund of India (Amendment) Act, 1976 (81 of 1976). The Contingency Fund of India (Amendment) Act, 1980 (4 of 1980). The Contingency Fund of India (Amendment) Act, 1982 (51 of 1982). The Finance Act, 2021 (13 of 2021). ________ LIST OF ABBREVIATIONS USED Cl.,cls. . . . . . for Clause, clauses.

THE CONTINGENCY FUND OF INDIA ACT, 1950

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THE CONTINGENCY FUND OF INDIA ACT, 1950 __________ ARRANGEMENT OF SECTIONS ___________ SECTIONS 1. Establishment of the Contingency Fund of India. Custody of the Contingency Fund and withdrawals therefrom.

THE CONTINGENCY FUND OF INDIA ACT, 1950

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Section 1 — Short title

Section 2 — Establishment of the Contingency Fund of India

Section 3 — Custody of the Contingency Fund and withdrawals therefrom

Section 4 — Power to make rules

THE CONTINGENCY FUND OF INDIA ACT, 1950 1 ACT NO. 49 OF 1950 [14th August, 1950.] An Act to provide for the establishment and maintenance of Contingency Fund. Short title.—This Act may be called the Contingency Fund of India Act, 1950. Establishment of the Contingency Fund of India.— [(1)] There shall be established a Contingency Fund in the nature of an imprest entitled the Contingency Fund of India, into which shall 3 be paid from and out of the Consolidated Fund of India a sum of [fifty crores of rupees]: 4 [Provided that during the period beginning on the 28th day of July, 1999 and ending on the 31st day of March, 2000, this section shall have effect subject to the modification that for the words “fifty crores of rupees”, the words “five hundred and fifty crores of rupees” shall be substituted.] 5 [(2) On and from the date on which the Finance Bill, 2005 receives the assent of the President, the sum which shall be paid from and out of the Consolidated Fund of India into the Contingency Fund of India under sub-section (1) shall stand enhanced to five hundred crores of rupees.] 6 [(3) On and from the date on which the Finance Bill, 2021 receives the assent of the President, the sum which shall be paid from and out of the Consolidated Fund of India into the Contingency Fund of India under sub-section (2) shall stand enhanced to thirty thousand crores of rupees.] 3. Custody of the Contingency Fund and withdrawals therefrom.—The Contingency Fund of India shall be held on behalf of the President by a Secretary to the Government of India in the Ministry of Finance, and no advances shall be made out of such fund except for the purposes of meeting unforeseen expenditure pending authorisation of such expenditure by Parliament under appropriations made by law. Power to make rules.— [(1)] For the purpose of carrying out the objects of this Act, the 8 Central Government may, [by notification in the Official Gazette,] make rules regulating all matters connected with or ancillary to the custody of, the payment of moneys into and the withdrawal of moneys from, the Contingency Fund of India.

STATEMENT OF OBJECTS AND RESONS

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STATEMENT OF OBJECTS AND RESONS “Pursuant to Articles 267(1) and 283(1) of the Constitution, this Bill seeks to provide for the establishment of the Contingency Fund of India, and for the custody of, the payment of moneys into and the withdrawal of moneys from, such fund. It is proposed to place a sum of fifteen crores of rupees in the Fund, which will be administered by the Finance Ministry on behalf of the President. The advances will be resumed to the Fund as soon as the necessary supplementary funds have been authorised by Parliament through Supplementary Appropriation Acts or at the end of the Financial Year.” NEW DELHI; C.D.DESHMUKH.