www.lawcommission.gov.np Part-10 Federal Financial Procedures 115. No tax to be levied or Loan to be raised: (1) No tax shall be levied and collected except in accordance with law. (2) No loan shall be raised and guarantee be given by the Government of Nepal except as provided for in the federal law. 116. Federal Consolidated Fund: Except for the revenues of trusts (Guthi), all revenues received by the Government of Nepal, all loans raised on the security of revenues, all amounts received in repayment of any loan made under the authority of any Act and any other moneys received by the Government of Nepal shall, except as otherwise provided by a Federal Act, be credited to a Government Fund to be known as the Federal Consolidated Fund. 117. Expenditures 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 except the following:(a) Moneys charged on the Federal Consolidated Fund; (b) Moneys required to meet the expenditure under a Federal Appropriation Act; (c) Advance moneys authorized by a Federal Act required to meet expenditures, when an Appropriation Bill is under consideration; or (d) Expenditures to be incurred in extraordinary circumstances under a Federal Vote of Credit Act, which contains only a description of expenditures. Provided that matters relating to the Federal Contingency Fund shall be governed by Article 124. 118. Expenditures Chargeable on Federal Consolidated Fund: The expenditures relating to the following matters shall be charged on the Federal Consolidated Fund, and approval of the Federal Parliament shall not be required for such expenditures:(a) The amount required as remuneration and facilities of the President and the Vice-president; 63