Part XII · CHAPTER II.—BORROWING
Article 292 Borrowing by the Government of India.
In force
This article permits Union borrowing. The Union may borrow on the security of the Consolidated Fund of India. Parliament sets the limits by law. The Union may also give guarantees within those limits. Borrowing is a Union executive power. Guarantees count against the same limits.
- The executive power of the Union extends to borrowing upon the security of the Consolidated Fund of India within such limits, if any, as may from time to time be fixed by Parliament by law and to the giving of guarantees within such limits, if any, as may be so fixed.
What it means
Plain words summary of the article above. Not legal advice.
This article permits Union borrowing. The Union may borrow on the security of the Consolidated Fund of India. Parliament sets the limits by law. The Union may also give guarantees within those limits. Borrowing is a Union executive power. Guarantees count against the same limits.