Define Vote of Credit, Contingency Fund, Finance Bill, Appropriation Bill, Book Transfer, Controlling Officer, Disbursing Officer?

 Define Vote of Credit? Question asked in HPFAS (2004)

Ans. Vote of credit is the financial grant given to the executive from the resources of India to meet urgent financial requirements whose details can not be shared ordinarily in budget.

 

Define Contingency Fund? Question asked in HPFAS (2006)

Ans. Contingency Fund means the contingency fund of the State established under the Himachal Pradesh Contingency Fund Act, 1971 (Act 9 of 1971) and maintained under clause (2) of Article 267 of the Constitution of India.

 

Define Finance Bill? Question asked in HPFAS (2006)

Ans. Finance Bill is a money bill, the Government seeks to levy new taxes, make alterations in the current tax structure or make proposals from the continuance of the present tax structure for a certain period beyond what was originally approved by the Parliament. The Parliament approved this bill for one fiscal year. Post getting approved, the Finance bill becomes the Finance Act.

 

What is Appropriation Bill? Question asked in HPFAS (2006)

Ans. An appropriation bill is a bill that authorizes the Government to withdraw funds from the Consolidated Fund of India for use during the financial year.

(i) As per Article 114 of the constitution, the Government can withdraw money from the consolidated fund only after receiving approval from the Parliament.

(ii) The amount withdrawn is used to meet the current expenditure during the financial year.

  

What is Book Transfer? Question asked in HPFAS (2006)

Ans. Book Transfer means the process whereby financial transactions which do not involve the giving or receiving of cash or of stock material, are brought to account. Such transactions represent liabilities and assets brought to accounts either by way of settlement or otherwise but they may also represent corrections and amendments made in cash, stock or book transfer transactions previously taken into account;

Define Controlling Officer? Question asked in HPFAS (2006)

Ans. Controlling Officer means Head of the Department or any other officer entrusted by a department with the responsibility of controlling the incurring of expenditure and/ or collection of revenue.

Define Disbursing Officer? Question asked in HPFAS (2006)

Ans. Disbursing Officer means Head of the Department, Head of office and also any other officer designated by Head of the Department, to draw bills and make payments on behalf of the State Government.