The president of India is the head of state of the Republic of India. The president is the nominal head of the executive, the first citizen of the country, as well as the commander-in-chief of the Indian Armed Forces. Droupadi Murmu is the 15th and current president, having taken office from 25 July 2022.
An appropriation, also known as supply bill or spending bill, is a proposed law that authorizes the expenditure of government funds. It is a bill that sets money aside for specific spending. In some democracies, approval of the legislature is necessary for the government to spend money.
In many states with political systems derived from the Westminster system, a consolidated fund or consolidated revenue fund is the main bank account of the government. General taxation is taxation paid into the consolidated fund, and general spending is paid out of the consolidated fund.
The Constitution of Finland is the supreme source of national law of Finland. It defines the basis, structures and organisation of government, the relationship between the different constitutional organs, and lays out the fundamental rights of Finnish citizens, and individuals in general. The original Constitution Act was enacted in 1919, soon after Finland declared its independence in 1917. The current draft of the Constitution came into force on 1 March 2000.
In the Westminster system, a money bill or supply bill is a bill that solely concerns taxation or government spending, as opposed to changes in public law.
The Comptroller and Auditor General of India is the supreme audit institution of India, established under Article 148 of the Constitution of India. They are empowered to audit all receipts and expenditure of the Government of India and the State Governments, including those of autonomous bodies and corporations substantially financed by the Government. The CAG is also the statutory auditor of Government-owned corporations and conducts supplementary audit of government companies in which the Government has an equity share of at least 51 percent or subsidiary companies of existing government companies. The reports of the CAG are laid before the Parliament/Legislatures and are being taken up for discussion by the Public Accounts Committees (PACs) and Committees on Public Undertakings (COPUs), which are special committees in the Parliament of India and the state legislatures. The CAG is also the head of the Indian Audit and Accounts Department, the affairs of which are managed by officers of Indian Audit and Accounts Service, and has 43,576 employees across the country.
The governors of the states of India have similar powers and functions at the state level as those of the president of India at the central level. Governors exist in the states, while lieutenant governors exist in union territories including the National Capital Region (NCR) of Delhi. The governor acts as the nominal head whereas the real power lies with the chief ministers of the states and his or her councils of ministers. Although, in union territories, the real power lies with the lieutenant governor or administrator, except in the NCT of Delhi and Puducherry, where the governor shares power with a council of ministers headed by a chief minister. Few or no governors are local to the state that they are appointed.
There are three general sources of Singapore law: legislation, judicial precedents, and custom.
Social security in India includes a variety of statutory insurances and social grant schemes bundled into a formerly complex and fragmented system run by the Indian government at the federal and the state level and is divided into three categories: non-contributory and tax-payer-funded, employer-funded and lastly, joint-funded. The system has since been universalised with the passing of The Code on Social Security, 2020. These cover most of the Indian population with adequate social protection in various situations in their lives. The Indian social security system is considered to be one of the most generous in the world amongst developing countries. The Central Government of India's social security and welfare expenditures are a substantial portion of the official budget and as well as the budgets of social security bodies, and state and local governments play roles in developing and implementing social security policies. Additional welfare measure systems are also uniquely operated by various state governments. The government uses the unique identity number (Aadhar) that every Indian possesses to distribute welfare measures in India. The comprehensive social protection system of India can be categorised as the follows: social assistance and mandatory social security contributory schemes mostly related to employment. The Code on Social Security, 2020 is part of the Indian labor code that deals with employees' social security and have provisions on retirement pension and provident fund, healthcare insurance and medical benefits, sick pay and leaves, unemployment benefits and paid parental leaves. The largest social security programs backed by The Code on Social Security, 2020 are the Employees' Provident Fund Organisation for retirement pension, provident fund, life and disability insurance and the Employees' State Insurance for healthcare and unemployment benefits along with sick pays. There is also the National Pension System which is increasingly gaining popularity. These are funded through social insurance contributions on the payroll. While the National Food Security Act, 2013, that assures food security to all Indians, is funded through the general taxation. With the passing of the social security code by the Indian Parliament, the fragmented social security system was universalised, resembling the social security systems of most developed countries.
Part XII of constitution of India is a compilation of laws pertaining to Finance, Property, Contracts and Suits for Republic of India.
Auditor of the Imprests was a profitable office of the Exchequer, responsible for auditing the accounts of officers of the English crown to whom money was issued for government expenditure, from 1559 to 1785.
Regional Rural Banks (RRBs) are government owned scheduled commercial banks of India that operate at regional level in different states of India. These banks are under the ownership of Ministry of Finance, Government of India. They were created to serve rural areas with basic banking and financial services. However, RRBs also have urban branches.
The National Pension System (NPS) is a defined-contribution pension system in India regulated by Pension Fund Regulatory and Development Authority (PFRDA) which is under the jurisdiction of Ministry of Finance of the Government of India. National Pension System Trust established by PFRDA is the registered owner of all assets under this scheme. National Pension System, like PPF and EPF is an EEE (Exempt-Exempt-Exempt) instrument in India where the entire corpus escapes tax at maturity and entire pension withdrawal amount is tax-free.
The Eighth Finance Commission of India was constituted by the President of India, on 28 April 1984 under the chairmanship of Shri Y.B. Chavan.
The Twelfth Finance Commission of India was appointed on 1 November 2002 to make recommendations on the distribution of net proceeds of sharable taxes between union and states. The commission was headed by veteran economist of India, C. Rangarajan. The commission submitted its report on 30 November 2004 and covered the period from 2005-10.
The 2017 Union Budget of India is the
A number of measures have been suggested to improvise and strengthen the existing electoral practices in India.
The Central Fund is the main accounting fund used by the government of Ireland. It is a bank account held at the Central Bank of Ireland, managed by the Minister for Finance as head of the Department of Finance. It is informally called the exchequer by analogy with the UK Exchequer.
The Contingencies Fund Act 2020 is an act of the Parliament of the United Kingdom that was created to increase the maximum capital of the United Kingdom's contingency fund from 2%, as set out in Section 1 of the Contingencies Fund Act 1974, to 50%. It was introduced by Chancellor of the Exchequer Rishi Sunak in response to the COVID-19 pandemic.
The Contingencies Fund Act 2021 is an act of the Parliament of the United Kingdom which allowed for a temporary increase in the maximum capital of the United Kingdom's contingency fund from 2%, as set out in Section 1 of the Contingencies Fund Act 1974, to 12%. It was introduced by Chancellor of the Exchequer Rishi Sunak in response to the ongoing effects of the COVID-19 pandemic.
