Definition: Exchequer is a type of public or private fund, created by central government for the purpose of collecting and spending revenue from taxes on goods and services. The exact definition depends on the country but generally means: - A governmental fund that collects and spends funds, often raised through taxation or other sources. - A separate fund from which the government can pay its own expenses without increasing public debt levels. In modern times, a "exchequer" is commonly used to denote any budgetary control function in an organization. For example: The "Exchequer Department" of a governmental agency handles the fiscal affairs and collects revenue for the government.