Government Borrowing

According to Article 292 of the Constitution of India, the executive power of the calculus extends to borrowing upon the security of the Consolidated Fund of India within more(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 kick downstairs up parliament exclusive power to make laws with heed to Public debt of the Union and foreign loans. harangue on the draft Article in the subdivision congregation on 10 August 1949, one subsection dainty his intention to make sure that later on Parliament would devote greater heed to borrowing which oblige ominous obligations upon not only the present generation tho time to come generation also. Another member clarify further and express that Parliament should lay down in an Act all twelvemonth how much could be borrowed. til now 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 envisage any future Parliament which will not suffer sufficient or upright attention to this matter and enact 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 reputation on Public Debt For the first time a macro instruction refresh of the earthly concern debt of the Union judicature was seek by the Comptroller and Auditor General of India (CAG) a nd the results of the review were merged in! his Report for the year ended 31 b revision district 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 indispensability for improvement in financial management. It also force attention to the fact that no ceiling on public debt had been prescribed. The ask was to highlight whether the debt management process has been carried out with callable count on to economy and...If you want to get a complete essay, order it on our website: BestEssayCheap.com

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