Q17.
With reference to Finance Bill and Money Bill in the Indian Parliament consider the following statements: 1. When the Lok Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill. 2. When the Lok Sabha transmits Money Bill to the Rajya Sabha, it cannot amend or reject the Bill, it can only make recommendations. 3. 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?
Answer
A
Explanation
Finance Bill is a type Money Bill as defined in Article (a) of the Constitution. Finance Bill deals with the proposals of the for levy of new taxes, modification of the tax structure or continuance of the existing tax beyond the period approved by Parliament submitted to Parliament through this bill. So, it is as a part of the Annual Financial Statement Budget) under Article 112. The Finance Bill is accompanied by a Memorandum explanations of the provisions included in it. Finance Bill can be introduced only in Lok Sabha. However, the Rajya Sabha can only recommend in the Bill, it can not amend or reject. The has to be passed by the Parliament within 75 days its introduction. Hence statement 1 is not correct statement 2 is correct. As a finance bill is a money bill so no joint sitting of two houses is allowed with regard to a finance bill Article 108. Hence statement 3 is not correct. there are two categories of Finance Bills for in the Indian Constitution, under Article (1) and Article 117 (2) which are called Finance Bill and Finance Bill (II). Bill (I) includes not only the subjects stated in 110 of the Constitution but also other legislative bill (I) is comparable to the money bill in two Firstly, both of these bills can only originate in the Sabha and not Rajya Sabha. Secondly, both the bills be introduced only on the President's advice. financial bill (I) follows the same parliamentary as any ordinary bill.