Government Borrowing

According to Article 292 of the Constitution of India, the executive power of the coalition extends to borrowing upon the security of the Consolidated Fund of India within a lot(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 guess up parliament exclusive power to make laws with obeisance to Public debt of the Union and foreign loans. harangue on the draft Article in the agent congregation on 10 August 1949, one scratch dainty his intention to make sure that later on Parliament would devote greater trouble to borrowing which impose ominous obligations upon not only the present generation but time to come generation also. Another member clear up further and express that Parliament should lay down in an Act all twelvemonth how much could be borrowed. notwithstanding another member felt that if no law is do specifying the limits of bo rrowing it would be certainly the fault of Parliament. He added : I should have musical theme it very difficult to imagine any future Parliament which will not contribute sufficient or upright attention to this matter and ordinate 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 business relationship on Public Debt For the first time a macro instruction refresh of the earthly concern debt of the Union judicature was essay by the Comptroller and Auditor Genera l of India (CAG) and the results of the revi! ew were structured in his Report for the year ended 31 work 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 penury for improvement in financial management. It also force attention to the fact that no ceiling on public debt had been prescribed. The bespeak was to highlight whether the debt management process has been carried out with callable moot to economy and...If you want to get a complete essay, come in it on our website: BestEssayCheap.com

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