With reference to Finance Bill and Money Bill in the Indian Parliament, consider the following statements:
- When the Lok Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill.
- When the Lok Sabha transmits Money Bill to the Rajya Sabha, it cannot amend or reject the Bill, it can only make recommendations.
- In the case of disagreement between the Lok Sabha and the Rajya Sabha, there is no joint sitting for Money Bill, but a joint sitting becomes necessary for Finance Bill.
How many of the above statements are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
17.B
- Statement I is wrong II is right: Once passed by Lok Sabha, it goes to Rajya Sabha along with Speaker’s certificate that it is a Money Bill for its recommendations. However, Rajya Sabha can neither reject nor amend such Bill but can only recommend changes in the Bill.
- Statement III is right
Difference Between Financial Bill And Money Bill
- Money bills have been covered under article 110 of the constitution whereas Finance bill is covered under article 117 (1) and (3) of the constitution of India.
- The Rajya Sabha cannot amend or reject the money bill but it has the power to amend or reject the finance bill.
- Whether a bill is money bill has to be decided by the speaker whereas no such prior approval is required to classify a finance bill.
- Money bill and finance bill (1) can be introduced only in the Lok Sabha whereas a Finance Bill (2) can be introduced both in Rajya Sabha and the Lok Sabha.
- To resolve a deadlock, the President can summon a joint sitting of Lok Sabha and the Rajya Sabha in case if it is finance bill, however no such provision is made in case of a money bill.