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Unformatted text preview: oil etc.
6. Fines and Penalties: Fines and penalties are the charges
imposed on persons as a punishment for infringements of a
6 Public Revenue
Various sources of Public Revenue:
7. Escheats: The state may under some circumstances
take possessions of the property of person who had died
without any heir or making a will.
8. Gifts and Grants: Gifts are voluntary contribution from
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.
Grants are given from one government to another. These
grants are either conditional or unconditional.
9. Printing of Paper Money
10. Borrowing: It includes borrowing from the public in the
shape of bonds and deposits and also includes loan from
the foreign agencies and organizations.
7 Public Revenue-Classification
Taylor has classified public revenue into
1) Grants and Gifts
2) Administrative Revenue
3) Commercial Revenue
4) Taxes 8 Public Revenue-Classification
1) Grants and Gifts: Grants include financial
assistance provided by one government to anot...
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- Winter '12
- The Land