Consolidated Fund of India: As per Art. 266, the Consolidated Fund of India consists of:
1. All the revenue received by GOI from direct and indirect taxes
2. All the loans taken by the Govt. of India
3. All the amount received by GOI as repayment of loans.
No moneys out of the Consolidated Fund of India can be appropriated (i.e. taken out or allocated for some specific purpose) without approval of the Union Parliament.
Public Accounts of India: According to Art.266, the Public account of India consists of all the public moneys received by or on behalf of the Govt. of India, excluding the cases covered in Consolidated fund of India. Here Govt. plays the role of mere caretaker e.g. NSCs issues by post offices, Provident Fund money, bank accounts of various ministries for day to day transaction etc.
Contingency fund of India: The Contingency Fund of India is established by the Parliament (Art. 267) for meeting unforeseen expenditures. This fund is at the disposal of the President. Current corpus under this fund is 500 crore.
Any appropriation out of Contingency or Public Accounts does not need approval of Parliament.
Similarly, Consolidated, Contingency fund of the States and Public accounts of the State are established at the State level.
Some appreciation please!