Contingency Fund of India:
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Art. 267 of Constitution provides for Contingency Fund of India for Unforeseen events /disaster.
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Parliament approval is “subsequently” obtained, after expenditure.
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Money is then refilled from Consolidated fund of India.
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This fund is deemed to be under the President of India & is operated by Finance Secretary (IAS) under department of economic affairs under finance ministry.
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Budget-2021 Reforms:
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Fund amount increased from Rs 500 crore to Rs 30,000 crore.
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40% of this amount will be kept with secretary (IAS) Department of Expenditure for meeting unforeseen expenditure.
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