67. Consolidated Fund of the Union territory of Jammu and Kashmir. —(1) On and from the
appointed day, all revenues received in the Union territory of Jammu and Kashmir by the Government
of India or the Lieutenant Governor of the Union territory of Jammu and Kashmir in relation to any
matter with respect to which the Legislative Assembly of the Union territory of Jammu and Kashmir
has power to make laws, and all grants made and all loans advanced to the Union territory of Jammu
and Kashmir from the Consolidated Fund of India and all loans raised by the Government of India or
the Lieutenant Governor of the Union territory of Jammu and Kashmir upon the security of the
Consolidated Fund of the Union territory of Jammu and Kashmir and all moneys received by the
Union territory of Jammu and Kashmir in repayment of loans shall form one Consolidated Fund to be
entitled “the Consolidated Fund of the Union territory of Jammu and Kashmir”.
(2) No moneys out of such Consolidated Fund shall be appropriated except in accordance with, and
for the purposes and in the manner provided in, this Act.
(3) The custody of such Consolidated Fund, the payment of moneys into such Funds, the
withdrawal of moneys therefrom and all other matters connected with or ancillary to those matters
shall be regulated by rules made by the Lieutenant Governor.
68. Public Account of the Union territory of Jammu and Kashmir and moneys credited to
it.—(1) On and from the appointed day, all other public moneys received by or on behalf of the
Lieutenant Governor shall be credited to a Public Account entitled “the Public Account of the Union
territory of Jammu and Kashmir”.
(2) The custody of public moneys, other than those credited to the Consolidated Fund of the Union
territory or the Contingency Fund of the Union territory of Jammu and Kashmir, received by or on
behalf of the Lieutenant Governor, their payment into the Public Accounts of the Union territory of
Jammu and Kashmir and the withdrawal of moneys from such account and all other matters connected
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with or ancillary to the aforesaid matters shall be regulated by rules made by the Lieutenant Governor
on the advice of Council of Ministers.
69. Contingency Fund of Union territory of Jammu and Kashmir.—(1) There shall be
established a Contingency Fund in the nature of an imprest to be entitled “the Contingency Fund of
the Union territory of Jammu and Kashmir”, into which shall be paid from and out of the
Consolidated Fund of the Union territory of Jammu and Kashmir such sums as may, from time to
time, be determined by law made by the Legislative Assembly of the Union territory of Jammu and
Kashmir; and the said Fund shall be held by the Lieutenant Governor to enable advances to be made
by him out of such Fund.
(2) No advances shall be made out of the Contingency Fund of the Union territory of Jammu and
Kashmir except for the purposes of meeting unforeseen expenditure pending authorisation of such
expenditure by the Legislative Assembly under appropriations made by law.
(3) The Lieutenant Governor on the advice of the Council of Ministers may make rules regulating
all matters connected with or ancillary to the custody of, the payment of moneys into, and the
withdrawal of moneys from, the Contingency Fund of the Union territory of Jammu and Kashmir.
70. Borrowing upon the security of Consolidated Fund of Union territory of Jammu and
Kashmir.—(1) The executive power of the Union territory extends to borrowing upon the security of
the Consolidated Fund of the Union territory of Jammu and Kashmir within such limits, if any, as
may, from time to time, be fixed by Legislative Assembly by law and to the giving of guarantees
within such limits, if any, as may be so fixed.
(2) Any sums required for the purpose of invoking a guarantee shall be charged on the
Consolidated Fund of the Union territory of Jammu and Kashmir.
71. Form of accounts of the Union territory of Jammu and Kashmir.—The accounts of the
Union territory of Jammu and Kashmir shall be kept in such form as the Lieutenant Governor may,
after obtaining advice of the Comptroller and Auditor-General of India, prescribe by rules.
72. Audit reports.—The reports of the Comptroller and Auditor-General of India relating to the
accounts of Union territory of Jammu and Kashmir for any period subsequent to the date referred to in
sub-section (1) of section 67 shall be submitted to the Lieutenant Governor who shall cause them to be
laid before the Legislative Assembly.
73. Provision in case of failure of constitutional machinery.—If the President, on receipt of a
report from the Lieutenant Governor of Union territory of Jammu and Kashmir, or otherwise, is
satisfied,—
(a) that a situation has arisen in which the administration of the Union territory of Jammu and
Kashmir cannot be carried on in accordance with the provisions of this Act, or
(b) that for the proper administration of Union territory of Jammu and Kashmir it is necessary
or expedient so to do,
the President may, by order, suspend the operation of all or any of the provisions of this Act for such
period as he thinks fit and make such incidental and consequential provisions as may appear to him to
be necessary or expedient for administering the Union territory of Jammu and Kashmir in accordance
with the provisions of this Act.
74. Authorisation of expenditure by President.—Where the Legislative Assembly is dissolved,
or its functioning as such Assembly remains suspended, on account of an order under section 73, it
shall be competent for the President to authorise, when the House of the People is not in Session,
expenditure from the Consolidated Fund of the Union territory of Jammu and Kashmir pending the
sanction of such expenditure by Parliament.