Q. With reference to Public Accounts Committee (PAC), consider the following statements:
1. It is the youngest parliamentary committee in India.
2. Annual Finance Accounts of Government of India is examined by PAC.
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: B
Notes:

Recently, Lok Sabha Speaker has invited the Chairman of Pakistan’s Senate, Muhammad Sadiq Sanjrani, to attend the centennial celebration of the creation of the Public Accounts Committee (PAC) of Parliament. The invite has not been confirmed by the Ministry of External Affairs yet. 

About the PAC: 

Statement 1 is incorrect: The PAC is the oldest parliamentary committee in the Indian legislative affairs and has been crucial in upholding the principle of accountability as it exercises oversight of public expenditure. 

Statement 2 is correct: The Committee on Public Accounts is constituted by Parliament each year for examination of 

i) accounts showing the appropriation of sums granted by Parliament for expenditure of Government of India,

ii) the annual Finance Accounts of Government of India, and

iii) such other accounts laid before Parliament as the Committee may deem fit. 

Source: The Hindu