Short Notes on Accounts – I

Countersigned Contingency
The amount is drawn in abstract bill. The approval of some controlling authority is required before they can be admitted as legitimate expenditure, such approval usually taking the form of Counter-signature after payment on a detailed bill submitted to the Accountant General.

Scale Regulated Contingencies
Some Contingencies are regulated by scale fixed by the higher authority or by Govt.

Fully-vouched Contingencies
The expenditure may be made within the own delegated power of the Head of the office. No counter-signature or sanction of higher authority is required in this, regard.

Borrowing
(a) The Govt. of India or any State Govt. may borrow money upon the security of Consolidated Fund;
(b) Limitation of borrow money is fixed by the Parliament or the State Legislature as the case may be;
(c) Govt. of India may borrow money within the territory of India and outside India;
(d) State Govt. may borrow money within the territory of India.

Public Account
Public money received by the Govt. other than those credited to the Consolidated Fund is credited to the account and from which disbursement may be made out of the said fund. All transactions of Debt, Deposits, Remittance and Suspense are made through these accounts.