Contingency Fund of India Act, 1950 Section 2 - Bare Act

¹There shall be established a Contingency Fund in the nature of an impress entitled the Contingency Fund of India, into which shall be paid from and out of the Consolidated Fund of India a sum of²[fifty crores of rupees.]

³[(2) On and from the date on which the Finance Bill, 2005 receives the assent of the president, the sum which shall be paid from and out of the Consolidated Fund of India into the Contingency Fund of India under sub-section (1) shall stand enhanced to five hundered crore3s of rupees].

⁴["PROVIDED that during the period beginning on the 28th day of July, 1999 and ending on the 31st day of March, 2000, this section shall have effect subject to the modification that for the words "fifty crores of rupees", the words "five hundred and fifty crores of rupees" shall be substituted.]

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1. Section 2 numbered as sub-section (1) by Finance Act, 2005, w.e.f. 13.05.2005.

2 . Substituted by Act 81 of 1976, w.e.f 26.08.1976.

3. Inserted by Finance Act, 2005, w.e.f 13.05.2005.

4. Substituted by The Contingency Fund Of India (Amendment) Act, 1999 (Act 29 of 1999) w.e.f 17.11.1999. Prior to substitution the proviso read as under:

"PROVIDED that during the period beginning on the 26th day of December, 1997 and ending on the 23rd day of January, 1998, this section shall have effect subject to the modification that for the words 'fifty crores of rupees', the words 'fourteen thousand seven hundred crores of rupees' shall be substituted:

PROVIDED FURTHER that during the period beginning on the 24th day of January, 1998 and ending on the 31st day of March, 1998, this section shall have effect subject to the modification that for the words 'fifty crores of rupees', the words 'thirty-two thousand four hundred and ninety crores of rupees' shall be substituted."