[ 14th August, 1950]
An Act to provide for the establishment and maintenance of Contingency Fund.
BE it enacted by Parliament as follows:-
2. Establishment of the Contingency Fund of India .
There shall be established a Contingency Fund in the nature of an imprest entitled to Contingency Fund of India, into which shall be paid from and out of the Consolidated Fund of India a sum of fifteen crores of rupees.
3. Custody of the Contingency Fund and withdrawals therefrom.
The Contingency Fund of India shall be held on behalf of the President by a Secretary to the Government of India in the Ministry of Finance, and no advances shall be made out of such fund except for the purposes of meeting unforeseen expenditure pending authorisation of such expenditure by Parliament under appropriation made by law.
4. Power to make rules.
For the purpose of carrying out the objects of this Act, the Central Government may make rules regulating all matters connected with or ancillary to the custody of, the payment of moneys into and the withdrawal of moneys from, the Contingency Fund of India.