THE DRAFT CONSTITUTION 227
THE GAZETTE OF INDIA EXTRAORDINARY, FEB. 26,1948 259
(2) Notwithstanding anything in this article, Parliament may by law regulate the custody of moneys received on account of the revenues of India their payment into the public account of India and the withdrawal of moneys from such account, and the 5 Legislature of a State may by law regulate the custody of all moneys received on account of the revenues of the State, their payment into the public account of the State and the withdrawal of moneys from such account, and any rules made under this 10 article shall have effect subject to the provisions of any such law.
Exemption 264. The property of the Union shall, save in so of certain far as Parliament may by law otherwise provide, be public pro- exempt from all taxes imposed by or by any authority 15 perty from within a State: taxation. Provided that until Parliament, by law, otherwise provides, any property of the Union which was imme- diately before the commencement of this Constitution liable or treated as liable to any such tax shall, so 20 long as that tax continues, continue to be liable or to be treated as liable thereto.
Exemption 265. Save in so far as Parliament may, by law, from taxes otherwise provide, no law of a State shall impose, or on electricity. authorise the imposition of, a tax on the consumption 25 or sale of electricity (whether produced by Govern- ment or other person) which is—
(a) consumed by the Government of India, or sold to the Government of India for consumption by that Government; or 30
(b) consumed in the construction, maintenance or operation of a Union railway by the Government or a railway company operat- ing that railway or sold to that Govern- ment or any such railway company for 35 consumption in the construction, mainten- ance or operation of a Union railway,
and any such law imposing, or authorising the imposition of, a tax on the sale of electricity shall secure that the price of electricity sold to the Govern- 40 ment of India for consumption by that Government, or to any such railway company as aforesaid for consumption in the construction, maintenance or