Article 267 of the Constitution authorizes the existence of a Contingency Fund of India, which is placed at the disposal of the President of India to facilitate meeting of urgent unforeseen expenditure by the government, pending authorization from the Parliament. Parliamentary approval for such unforeseen expenditure is obtained, ex-post-facto and an equivalent amount is drawn from the Consolidated Fund to recoup the Contingency Fund after such ex-post-facto approval. The corpus of the Contingency Fund, as authorized by the Parliament, presently stands at Rs 500 crore.