The entire salaries, allowances and pensions of the chairman and members of the Union Public Service Commission are charged on the ________.

The correct answer is Consolidated fund of India.

Key Points

• Consolidated Fund of India- 
  • Consolidated Fund is constituted under Article 266 (1) of the Constitution of India.
  • All expenditures of the government are incurred by this fund.
  • All revenues received by the Centre by way of taxes (Income Tax, Central Excise, Customs, and other receipts) and all non-tax revenues in connection with the conduct of Government business are credited into the Consolidated Fund.
  • All loans raised by the Government by the issue of Public notifications, treasury bills (internal debt), and loans obtained from foreign governments and international institutions (external debt) are credited into this fund.
  • No amount can be withdrawn from the Consolidated Fund without authorization from the Parliament.​

Additional Information

• Contingency fund of India​
  • The Contingency Fund of India established under Article 267 (1) of the Constitution is the money maintained for a specific purpose which is placed at the disposal of the President to enable him/her to make advances to meet urgent unforeseen expenditure, pending authorization by the Parliament.
  • It was added into the Indian Constitution through the Contingency Fund of India Act, 1950.
  • Contingency fund refers to a fund that is set aside for emergencies and economic crisis.
• Reserve Bank of India​
  • RBI is known as the 'Central Bank of India' whose primary function to regulate the issue of Banknotes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country.
  • RBI is also known as 'Apex Bank of India'.
  • RBI is also known as 'Banker's Bank'.