The Public Account of India was constituted by Article 266(2)of the Indian Constitution. It deals with the money received by the government, i.e. state provident funds, various pre-deposits under income tax, depreciation and reserve funds of departmental undertakings are paid into public accounts.
Thus, receipts and disbursements which do not form part of the consolidated fund of India are included in the public accounts of India. These funds do not belong to the government, they have to be paid back at sometime to their rightful owners.
Because of this nature of the fund, expenditures from it are not required to be approved by the parliament.
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