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Article 292

Part XII — Finance, Property, Contracts and Suits · Constitution of India

Article 292

Borrowing by the Government of India. 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.

In plain wordsThe central government can borrow money on the security of the Consolidated Fund of India, but only within limits Parliament may fix by law. Every rupee of central government debt, which taxpayers ultimately service, rests on this article.
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