No tax will be levied and collected except in accordance with law.
No loan shall be raised or guarantee be given by the Government of Nepal except in accordance with law.
116. Federal Consolidated Fund
Except for the revenues of religious endowments, all revenues received by the Government of Nepal, all loans raised on the security of revenues, and all money received in payment of any loan made under the authority of any Act and any amount received by the Government of Nepal, unless any other arrangement is made by the Act, shall be credited to a Government Fund to be known as Federal Consolidated Fund.
117. Expenditure from Federal Consolidated Fund or Federal Government Fund
No expenditure shall be incurred out of the Federal Consolidated Fund or any other federal government fund, other than the following:
Money charged to the Federal Consolidated Fund,
Money required to meet expenditure under an Appropriation Act,
Advance money authorized by an Act required to meet expenditures, when an Appropriation Bill is under consideration, or
Expenditures to be incurred in extraordinary circumstances under a Vote of Credit Act which contains only a description of expenditure.
Provided that matters relating to the Contingency Fund shall be governed in accordance with Article 124.
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118. Expenditure chargeable on the Federal Consolidated Fund
The expenditures related to the following matters shall be charged on the consolidated fund and the approval of the Federal Parliament shall not be necessary for such expenses:
amount required as remuneration and benefits payable to the President and vice President,
amount required as remuneration and benefits payable to the Chief Justice, Supreme Court Justice and the Judicial Council members,
amount required as remuneration and benefits payable to the Speaker and deputy Speaker of the House of Representatives, Chair and Vice-chair of National Assembly,
amount required as remuneration and benefits payable to the Heads and office-bearers of Constitutional bodies,
amount required as remuneration and benefits payable to the Provincial Head,
the administrative expenses of the office of the President and the Vice- President, Supreme Court, Judicial Council and constitutional bodies and office of the Provincial Head,
all charges relating to debts for which the Government of Nepal is liable,
any sum required to be paid under any judgment or decree of a court against the Government of Nepal, and
Any other sum declared by Federal law to be chargeable on the Federal Consolidated Fund.
119. Estimates of Revenues and Expenditure
The Finance Minister of the Government of Nepal shall, with respect to every fiscal year, present before the joint meeting of both the houses of the Federal Parliament the annual estimates including the following matters:
an estimate of revenues,
the money required to meet the charges on the Federal Consolidated Fund, and
the money required to meet the expenditure to be provided for by an Appropriation Act.
The annual estimates to be presented pursuant to Clause (1) shall be accompanied by a statement of the expenses allocated to each Ministry in the previous financial year and particulars of whether the objectives of the expenses have been achieved.
The Finance Minister of the Government of Nepal shall table the revenue and expenditure estimates according to Clause (1) on the 15th of the month of Jestha (beginning of June) in the Lunar Calendar every year.
120. Appropriation Act
The money required to meet the expenditure to be provided by an Appropriation Act shall be specified under appropriate heads in an Appropriation Bill.
121. Supplementary estimates
The Finance Minister of the Government of Nepal shall, in respective of any financial year, present supplementary estimates before the House of Representatives, if it is found:
that the sum authorized to be spent for a particular service by the Appropriation Act for the current fiscal year is insufficient, or that a need has arisen for expenditure upon new services not provided for by the Appropriation Act for that year, or
that the expenditures made during that fiscal year are in excess of the amount authorized by the Appropriation Act.
The sums included in the supplementary estimates shall be specified under separate heads in a Supplementary Appropriation Bill.
122. Votes on Account
Notwithstanding anything contained in this part, a portion of the expenditure estimated for the financial year may, when an Appropriation Bill is under consideration, be incurred in advance by a Federal Act.
A Vote on Account Bill shall not be submitted until the estimates of revenue and expenditures have been presented in accordance with the provisions of Article 119, and the sums involved in the Vote on Account shall not exceed one-third of the estimate of expenditure for the financial year.
The expenditure incurred in accordance with the Federal Vote on Account Act shall be included in the Appropriation Bill.
123. Votes of credit
Notwithstanding anything contained elsewhere in this Part, if owing to a local or national emergency due to either natural causes, a threat of external aggression or internal disturbances or other reasons, and it is impractical or inexpedient in view of the security or interest of the State to specify the details required under Clause (1) of Article 119, the Finance Minister may present a Vote of Credit Bill before the House of Representatives giving only a description of the proposed expenditure.
124. Federal Contingency Fund
A Federal Act may create a Contingency Fund into which shall be paid from time to time such money as may be determined by the Federal Act.
Such Fund created under clause (1) shall be under the control of the Government of Nepal. Any unforeseen expenditures shall be met out of such fund by the Government of Nepal.
The amount of expenditures so met under clause (2) shall be reimbursed as soon as possible as per the Federal Act.
125. Act relating to financial Procedures
Matters relating to the transfer of money appropriated from one head to another and other financial procedures shall be regulated by Federal Act.
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