Indian Government Finance: When the Indian government collects taxes, borrows money or receives foreign aid, then accounts of all that money are also kept. But the question arises that who keeps the account of that money? From budget to audit, many major institutions ensure that every rupee is accounted for and used only for public welfare. Let us know who keeps the accounts of this entire account.

Who keeps complete accounts?

The management and audit of the funds of the Government of India is the responsibility of the Ministry of Finance, the Comptroller and Auditor General of India and the Reserve Bank of India. The Finance Ministry is a major part of the financial management of the country. It prepares the Union Budget which gives complete account of the expected income and expenditure of the government for the financial year.

The ministry ensures that funds are carefully distributed among different departments and welfare schemes. Along with this, it also keeps an eye on the expenditure of this money. The ministry formulates economic policies through its departments such as economic affairs, expenditure, revenue and financial services. It also collects taxes and manages government loans.

Responsibility of Comptroller and Auditor General

Its job is to ensure that the money is used properly. It is an independent constitutional authority that accounts for all revenues and expenditure of the government, including ministries, departments and public sector undertakings. If any irregularities are found then it prepares a detailed report and presents it in the Parliament.

reserve Bank of India

The Reserve Bank of India acts as the government’s banker. It handles all the accounts of the government, manages its public debt as well as facilitates all financial transactions. Whenever the government pays or receives money, it all happens through RBI.

India’s democratic structure ensures that government spending always remains under surveillance. The Comptroller and Auditor General’s report is made public, so that Parliament and the civilian government can be held accountable. If cases of scam or corruption come to light, investigation is conducted on the basis of the findings of the Comptroller and Auditor General.

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