The Public Account of India was constituted by Article 266(2) of the Indian Constitution which states that "All other public moneys received by or on behalf of the Government of India or the Government of a State shall be credited to the public account of India or the public account of the State, as the case may be."
These funds do not belong to the government, they have to be paid back at some time to their rightful owners.
The government is merely acting as a banker in the transactions of public account.
Because of this nature of the fund, expenditures from it are not required to be approved by the Indian Parliament.
The Public Account of India is divided under 5 heads.