The Contingency Fund of India was constituted in 1950, by an act of parliament (Article 267). The Fund has been placed at the disposal of the president, who can make advances out of the Fund to meet unforeseen expenditure. The expenses must be subsequently authorised by Union Parliament (Articles 115, 116) and recovered through additional, supplementary or excess grants.
Though this is essentially a Committee of the House of the people (Having 15 members from that house), by an agreement between the two houses, 7 members from the other Houses are also associated with this committee, in order to strengthen it.
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