With reference to the Contingency Fund of India, consider the following statements:
1. It has been placed at the disposal of the Prime Minister of India to facilitate meeting of urgent unforeseen expenditure.
2. There is no need for either ex-ante or ex-post facto approval from the Parliament for undertaking expenditure from this Fund.
3. The present corpus of the Fund stands at Rs 500 crore.
Which of the statements given above is/are incorrect?
1 only
1 and 2 only
1 and 3 only
1, 2 and 3
Article 267 of the Constitution authorizes the existence of a Contingency Fund of India, which is placed at the disposal of the President of India to facilitate meeting of urgent unforeseen expenditure by the government, pending authorization from the Parliament. Parliamentary approval for such unforeseen expenditure is obtained, ex-post-facto and an equivalent amount is drawn from the Consolidated Fund to recoup the Contingency Fund after such ex-post-facto approval. The corpus of the Contingency Fund, as authorized by the Parliament, presently stands at Rs 500 crore.
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