The Contingency Fund of India Act, 1950

The Contingency Fund of India Act, 1950 provides for the establishment of a Contingency Fund, which is used for unforeseen expenses or urgent needs of the Government of India. The Act outlines the purpose, management, and operation of the Fund, which is under the control of the Finance Ministry. The Fund is used for various expenses such as natural calamities, defense, relief work, and other emergency needs. The Act also lays down the provisions for the repayment of advances from the Fund and the audit of accounts. Any amount withdrawn from the Fund needs to be returned to it within three months of withdrawal. The Fund is an essential tool for the government to meet unforeseen expenses without having to resort to Parliamentary approval or budgetary allocations.