With reference to the Union Government consider the following statements.
1. The Department of Revenue is responsible for the preparation of Union Budget that is presented to the parliament.
2. No amount can be withdrawn from the Consolidated Fund of India without the authorization of Parliament of India.
3. All the disbursements made from Public Account also need the Authorization from the Parliament of India.
Which of the following statements given above is/are correct?

The correct option is 2 only.

Let us analyze each of the statements step-by-step to understand why only the second statement is correct:

Statement 1 is incorrect:
The Department of Economic Affairs (DEA), which functions under the Ministry of Finance, is the nodal agency responsible for the preparation and formulation of the Union Budget that is presented to the Parliament. The Department of Revenue is primarily responsible for matters relating to all Direct and Indirect Union Taxes and administering revenue laws.

Statement 2 is correct:
According to Article 266(1) of the Constitution of India, all revenues received by the Government of India, all loans raised, and all money received in repayment of loans form the Consolidated Fund of India. Under Article 114(3) of the Constitution, no money can be withdrawn from this Fund except under appropriation made by law passed by the Parliament. Thus, parliamentary authorization is strictly mandatory for any withdrawal from the Consolidated Fund of India.

Statement 3 is incorrect:
The Public Account of India is constituted under Article 266(2) of the Constitution. It accounts for public moneys received by or on behalf of the Government of India that are not covered under the Consolidated Fund (for example, provident funds, small savings, postal deposits, and judicial deposits). Since the government acts merely as a banker or custodian for these funds, disbursements from the Public Account do not require authorization from the Parliament of India and are instead met through executive actions.