Consider the following statements regarding public funds in India:
1. All revenues received by the Government, loans raised and money received in repayment of loans form the Consolidated Fund of India.
2. No expenditure can be made out of the Consolidated Fund of India without appropriation made by law.
3. Withdrawals from the Public Account of India require parliamentary appropriation.
Which of the statements given above is/are correct?
- A1 only
- B1 and 2 only
- C2 and 3 only
- D1, 2 and 3
Correct answer: B