Part 10: Federal Financial Procedures
- Title
- Part 10: Federal Financial Procedures
- Description
Overview of Federal Financial Procedures
Part 10 (Articles 115–125) of the Constitution of Nepal governs public finance, revenue collection, and government expenditures.
Key Provisions
- Article 115: No tax shall be levied or loan raised except in accordance with the law.
- Article 116 (Federal Consolidated Fund): All revenues received by the Federal Government, loans raised, and loan repayments are credited to the Federal Consolidated Fund, except for specific funds like contingency funds.
- Article 119 (Annual Estimates): The Finance Minister must present the annual budget (estimates of revenue and expenditure) to the joint sitting of both Houses on 15th of Jeth (mid-May) every year.
- Article 121 (Supplementary Estimates): Introduced if the allocated amount in the Appropriation Act is insufficient.
- Article 124 (Federal Contingency Fund): Established by law to meet unforeseen expenditures. Money can be spent from here and later reimbursed through a supplementary bill.
Exam-Essential Facts
- All federal revenues must be credited to the Federal Consolidated Fund (Article 116).
- The national budget must be presented on 15th Jeth annually.
- No money can be withdrawn from the Consolidated Fund without an Appropriation Act (except for chargeable expenditures under Article 118).
- Part Number
- 9
- Article Range
- Art. 115–125
- Category
- Finance