Consolidated fund of India - GS questions based on daily current affairs

1)   Which of the following statements is/are correct about Consolidated fund of India?

1. It is the largest of all three funds.
2. Prime minister's authorization is required for the withdrawal of funds from the consolidated fund of India

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 1

Explanation:
- Parliament shall have power to authorize by law the withdrawal of moneys from the Consolidated Fund of India for the purposes for which the said grants are made.
- The consolidated fund of India consisted of All the cash from direct and indirect taxes, all the loans taken by government of India and principle/interest of the loans given by Government of India

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