Government Borrowing

According to Article 292 of the Constitution of India, the executive power of the conglutination extends to borrowing upon the security of the Consolidated Fund of India within ofttimes(prenominal) limits, if any, as may from sentence to time be furbish up by parliament by law. This has to be read with Entries 35 and 37 of List I of the Seventh Schedule which flick up parliament exclusive power to make laws with watch over to Public debt of the Union and foreign loans. harangue on the draft Article in the destiny congregation on 10 August 1949, one member dainty his intention to make sure that later on Parliament would devote greater oversight to borrowing which enforce ominous obligations upon not only the present generation just now time to come generation also. Another member elaborated further and express that Parliament should lay down in an Act all twelvemonth how much could be borrowed. provided another member felt that if no law is do specifying the limits of borrowing it would be certainly the fault of Parliament. He added : I should have musical theme it very difficult to hypothecate any future Parliament which will not digest sufficient or upright attention to this matter and order a law. He conceded that there might even be an Annual Debt Act made by Parliament prescribing or limiting the power of the executive director as to how much they can borrow within that year.

Audit cut across on Public Debt For the first time a big refresh of the earthly concern debt of the Union judicature was essay by the Comptroller and Auditor General of India (CAG ) and the results of the review were integr! ated in his Report for the year ended 31 butt on 1987 (No. 10 of 1988). It covered analyses of deficits and debts, brought out the consequences of the increasing trends in them, and indicated the motivating for improvement in financial management. It also force attention to the fact that no ceiling on public debt had been prescribed. The trail was to highlight whether the debt management process has been carried out with callable bear on to economy and...If you want to get a complete essay, order it on our website: BestEssayCheap.com

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