Article 264-267 Indian Constitution 1949
Article 264, 265, 266, and 267 of the Constitution of India 1949 are under General of Chapter I (FINANCE) of Part XII (FINANCE, PROPERTY, CONTRACTS AND SUITS) of the Constitution.
Article 264 Indian Constitution 1949
Interpretation
In this Part, “Finance Commission” means a Finance Commission constituted
under article 280.
Article 265 Indian Constitution 1949
Taxes not to be imposed save by authority of law
No tax shall be levied or collected except by authority of law.
Article 266 Indian Constitution 1949
Consolidated Funds and public accounts of India and of the States
(1) Subject to the provisions of article 267 and to the provisions of this Chapter with respect to the assignment of the whole or part of the net proceeds of certain taxes and duties to States, all revenues received by the Government of India, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled “the Consolidated Fund of India”, and all revenues received by the Government of a State, all loans raised by that Government by the issue of treasury bills, loans or ways and means advances and all moneys received by that Government in repayment of loans shall form one consolidated fund to be entitled “the Consolidated Fund of the State”.
(2) All other public moneys received by or on behalf of the Government of India or the Government of a State shall be credited to the public account of India or the public account of the State, as the case may be.
(3) No moneys out of the Consolidated Fund of India or the Consolidated Fund of a State shall be appropriated except in accordance with law and for the purposes and in the manner provided in this Constitution.
Article 267 Indian Constitution 1949
Contingency Fund
(1) Parliament may by law establish a Contingency Fund in the nature of
an imprest to be entitled “the Contingency Fund of India” into which shall be paid from time to time such sums as may be determined by such law, and the said Fund shall be placed at the disposal of the President to enable advances to be made by him out of such Fund for the purposes of meeting unforeseen expenditure pending authorisation of such expenditure by Parliament by law under article 115 or article 116.
(2) The Legislature of a State may by law establish a Contingency Fund in the nature of an imprest to be entitled “the Contingency Fund of the State” into which shall be paid from time to time such sums as may be determined by such law, and the said Fund shall be placed at the disposal of the Governor of the State to enable advances to be made by him out of such Fund for the purposes of meeting unforeseen expenditure pending authorisation of such expenditure by the Legislature of the State by law under article 205 or article 206.
See also:
Article 268-281 Indian Constitution 1949
