What is the purpose of Article 267, which establishes the Contingency Fund of India and the Contingency Fund of a State?
The purpose of Article 267 is to provide a financial buffer for meeting unforeseen expenditures that may arise before they can be authorized by Parliament or the State Legislature. The Contingency Fund of India is placed at the disposal of the President, while the Contingency Fund of a State is at the disposal of the Governor of the State. These funds enable advances to be made for urgent expenditures, ensuring the smooth functioning of the government.