General Knowledge - Indian Politics - Discussion

what is consolidated and contingency

Consolidated fund- All revenues received by the Government by way of taxes like Income Tax, Central Excise, Customs and other receipts flowing to the Government in connection with the conduct of Government business.

Contigency fund- The Contingency Fund of India records the transactions connected with Contingency Fund set by the Government of India under Article 267 of the Constitution of India. The fund are made for the purposes of meeting unforeseen expenditure which are resumed to the Fund to the full extent as soon as Parliament authorizes additional expenditure.

Who managing that funds?

The CAG is managing this fund.

Who nominates the CAG of India?

Because HC Judges are working in various states so their pension will charge on consolidated of India.

Without permission of parliament no transaction in contingency fund.

Parliament's assent is only a must for Consolidated fund not for contingency fund.

I get 2 see 2 different answer- 1. Consolidated fund of India 2. Contingency fund of India. Which is the correct answer?

What is contingency?