Short Notes on Accounts – I
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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.Contract Contingencies
A lump-sum amount is placed at the disposal of D.D.O. for making expenditure at his discretion on certain specified objects.Scale Regulated Contingencies
Some Contingencies are regulated by scale fixed by the higher authority or by Govt.Special Contingencies
Without sanction of higher authority the expenditure cannot be made by the D.D.O.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.Contingent Expenditure
Contingent expenditure means all incidental and other expenses which are required for running an office or for technical working of a department.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.Annual Financial Statement or Budget estimate
Annual financial statement popularly known as “BUDGET” which embodies the estimated receipts and expenditure for the ensuing year. The same is prepared and placed by the Govt. before the commencement of financial year starting from April in each year to the Legislature. Until and unless Budget and Appropriation Bill are passed by the Legislature, the Govt. is not authorised to make any expenditure from 1st April.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.Contingency Fund (Article 267)
There is a fund under the disposal of the President of India/ Governor of the Stale for the purpose of meeting the unforeseen emergent nature of expenditure pending authorisation of the Legislature. The same is replenished within the financial year subject to approval of the Legislature.
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