In the framework of Indian public finance, who is regarded as the formal custodian of the Contingency Fund of India?

Introduction / Context:

Public finance in India involves several funds such as the Consolidated Fund of India, the Contingency Fund of India, and the Public Account of India. The question focuses on the Contingency Fund, which is used to meet urgent and unforeseen expenditure. Knowing who is considered the custodian of this fund is a standard part of Indian polity and public finance questions in competitive exams.

Given Data / Assumptions:

- The fund in question is specifically the Contingency Fund of India.

- The options list different high functionaries of the Indian state.

- The task is to identify who is regarded as the custodian of this fund.

Concept / Approach:

The Contingency Fund of India is placed at the disposal of the President of India. This means that the President can authorise advances out of this fund to meet urgent expenditure pending authorisation by the Parliament. Because the fund is held at the disposal of the President, constitutional literature commonly describes the President as the custodian of the Contingency Fund of India.

Step-by-Step Solution:

Verification / Alternative check:

As an additional check, one can recall that the Ministry of Finance actually operates the fund in practice, but constitutional wording still emphasises that the fund is at the disposal of the President. Standard polity textbooks consistently state that the President is the custodian, which confirms the answer.

Why Other Options Are Wrong:

The Prime Minister heads the Council of Ministers and plays a central role in governance, but the Constitution does not describe the Prime Minister as custodian of the Contingency Fund.

A Judge of the Supreme Court exercises judicial functions and has no role in the custody of government funds.

The Finance Minister manages day to day financial administration, yet in constitutional terms the fund is not said to be at the disposal of the Finance Minister.

The Comptroller and Auditor General of India audits expenditure and ensures accountability, but does not hold custody of the Contingency Fund.

Common Pitfalls:

Students sometimes assume that the Finance Minister must be the custodian, because the ministry handles financial operations. Others confuse the auditing role of the CAG with custody. It is important to separate operational management, audit functions, and formal constitutional custody when answering such questions.

Final Answer:

The formal custodian of the Contingency Fund of India is The President.