Article 292 of Constitution of India "Borrowing by the Government of India"
The executive power of the Union extends to borrowing upon the security of the Consolidated Fund of India within such limits, if any, as may from time to time be fixed by Parliament by law and to the giving of guarantees within such limits, if any, as may be so fixed.
Article 293 of Constitution of India "Borrowing by States"
(1) Subject to the provisions of this Article, the executive power of a State extends to borrowing within the territory of India upon the security of the Consolidated Fund of the State within such limits, if any, as may from time to time be fixed by the Legislature of such State by law and to the giving of guarantees within such limits, if any, as may be so fixed.
(2) The Government of India may, subject to such conditions
as may be laid down by or under any law made by Parliament,
make loans to any State or, so long as any limits fixed
under Article292 are not exceeded, give guarantees in
respect of loans raised by any State, and any sums required
for the purpose of making such loans shall be charged on the
Consolidated Fund of India.
(3) A State may not without the consent of the Government of
India raise any loan if there is still outstanding any part
of a loan which has been made to the State by the Government
of India or by its predecessor Government, or in respect of
which a guarantee has been given by the Government of India
or by its predecessor Government.
(4) A consent under clause (3) may be granted subject to
such conditions, if any, as the Government of India may
think fit to impose.