The correct option is (b)
Explanation
The Consolidated Fund of India is the most important of all government accounts. All revenues received by the Government of India, all loans raised by it, and all money received by it in repayment of loans form the Consolidated Fund of India. No money can be appropriated out of this fund except in accordance with a parliamentary law.
Statement-wise Analysis
The question pertains to the authority required for the withdrawal of funds from the Consolidated Fund of India.
- (a) The President of India: The President's role is primarily in recommending money bills and assenting to legislation, not directly authorizing withdrawals from the Consolidated Fund.
- (b) The Parliament of India: Article 266(1) of the Constitution of India states that all revenues received by the Government of India, all loans raised by it, and all money received by it in repayment of loans shall form one consolidated fund. It further specifies that no money shall be drawn from the Consolidated Fund of India except under appropriation made by law passed by Parliament. This clearly indicates that parliamentary authorization is mandatory for any withdrawal.
- (c) The Prime Minister of India: The Prime Minister, as the head of the government, does not have the constitutional authority to unilaterally authorize withdrawals from the Consolidated Fund. Such actions require legislative approval.
- (d) The Union Finance Minister: While the Finance Minister is responsible for the financial administration of the country and presents the budget, the actual authorization for withdrawal of funds from the Consolidated Fund comes from Parliament through an Appropriation Act.
Key Takeaway
Withdrawal of funds from the Consolidated Fund of India requires specific authorization through a law passed by the Parliament of India, typically an Appropriation Act.