Financial Bills and Money Bill

Financial bills

Financial bills are those bills that deal with fiscal matters i.e. revenue or expenditure. However the Constitution uses the term Financial Bill in a technical sense. Financial bills are of 3 kinds

  1. Money Bill- Article 110
  2. Financial Bill-(I) Article 117(1)
  3. Financial Bill(II) Article 117 (3)

Money Bills

Bills, which exclusively contain provision for imposition and abolition of taxes, for appropriations of money out of the Consolidated fund of India etc certified as Money Bill. Money bill are considered as such only after they are certified by the speaker of Lok Sabha as Money Bill. The decision of the speaker in this regard cannot be called into question.

Money bill can be introduced only in Lok Sabha. Rajya Sabha cannot make amendment in a money Bill passed by the Lok Sabha and transmitted to it. It can, however, recommend amendments in a Money Bill but must return all money bill to Lok Sabha within 14 days from the date of the receipt. It is up to Lok Sabha to accept or reject any or all the Recommendation of Rajya Sabha with regard to a money bill.

If the Lok Sabha accept any of the Recommendation of the Rajya Sabha, the money bill is deemed to have been passed by both houses with amendments recommended by Rajya Sabha and accepted by the Lok Sabha and if Lok Sabha doesn't accept any of the recommendation of Rajya Sabha the money bill is deemed to have been passed by both houses in the form in which it was passed by Lok Sabha without any amendments recommendation by Rajya Sabha

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If a money Bill passed by Lok Sabha and transmitted to Rajya Sabha for its recommendation is not returned to the Lok Sabha within the said period of 14 days, it is deemed to have been passed by both houses at the expiration of the said period in the form of which it was passed by the Lok Sabha

Financial Bills (I)

Financial Bill(I) (or category A) is a bill that contain not only any or all the matters mentioned in article 110 but also other matter of general legislation. In case of disagreement between the two houses over such a bill, the President can summon a joint sitting between the two houses to resolve the deadlock. When the bill is presented to the President, he can either give his assent to the bill or withhold his assent to the bill or return the bill for recommendation of the houses.

Financial Bill (II)

A financial Bill (II) (or category B) contains provisions involving expenditure from the consolidated fund of India, but does not include any of the matters mentioned in article 110. Financial Bill (II) can be introduced in either House of the Parliament and the recommendation of the President is not necessary for its introduction. It can be either rejected or amended by either house of the Parliament.

In case of a disagreement between the two houses over such a Bill, the President can summon a joint sitting of the two houses to the resolve the deadlock. When the bill is presented to the president, He can either give his assent to the bill or with the hold his assent to the bill or return the bill for reconsideration of the houses

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