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From 6 fines and penalties fines and penalties are

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Unformatted text preview: oil etc. from 6. Fines and Penalties: Fines and penalties are the charges 6. Fines imposed on persons as a punishment for infringements of a certain law. certain 6 Public Revenue Various sources of Public Revenue: 7. Escheats: The state may under some circumstances 7. Escheats: take possessions of the property of person who had died without any heir or making a will. without 8. Gifts and Grants: Gifts are voluntary contribution from 8. Gifts private individuals or non-governmental donors to the government fund for special purpose, such as relief fund or defend fund during a war or an emergency. or Grants are given from one government to another. These grants are either conditional or unconditional. grants 9. Printing of Paper Money 10. Borrowing: It includes borrowing from the public in the 10. Borrowing: shape of bonds and deposits and also includes loan from the foreign agencies and organizations. the 7 Public Revenue-Classification Taylor's Classification: Taylor has classified public revenue into Taylor following parts: following 1) Grants and Gifts 2) Administrative Revenue 3) Commercial Revenue 4) Taxes 8 Public Revenue-Classification 1) Grants and Gifts: Grants include financial 1) assistance provided by one government to anot...
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