Union Budget 2024 | FAQs: What is Public Account?

Finance Minister Nirmala Sitharaman will present the Union Budget on July 23, having already presented an Interim Budget ahead of the Lok Sabha elections. In light of the upcoming Budget, we take a look at some of the terms associated with the exercise.

What is Public Account?

Constituted under Article 266 (2) of the Constitution, this fund accounts for flow of those transactions wherein the government is merely a banker.

These funds do no belong to the government. Hence, no parliamentary authorisation is required for withdrawal and they have to be paid back to the depositors. However, money allocated from the consolidated fund for specific objectives or projects to the Public Account has to go through a vote of the Parliament before its withdrawal.

What does the Account comprise of?

Public Account comprises of Provident Funds, Small Savings collections, the income of government set apart for expenditure on specific objects such as road development, primary education, other Reserve/Special Funds among other things.

Union Budget 2024 | Making a record for any Finance Minister, Nirmala Sitharaman will be presenting her 7th Union Budget on July 23, 2024 under the Modi 3.0 government. While inflation has burnt a hole in the pockets of 'aam janata', will this Budget spell relief for Indians? Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.