Questions

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.

SDR means Special Drawing Rights.

SDRs are a measure of a country's reserve assets with IMF and, whereas not 'money' in the strict sense, have several characteristics of money as interest-bearing assets, store of value, and means of settling indebtedness.

International financing instrument created in 1970 by the International Monetary Fund (IMF) to coincide with the disfavor of the US dollar as the principal currency of the world trade. Also called paper gold, an SDR is neither paper nor gold but an accounting entry. It is not backed by any currency or precious metal and is used only among governments and IMF for balance Of payments settlements.