Question

Which among the following is the correct process of Introduction of Money Bill in the parliament?
1. A Money Bill may only be introduced in Lok Sabha, on the recommendation of the President
2. A Money Bill may be introduced in either Lok Sabha or Rajya Sabha, on the recommendation of the President
3. The Speaker of the Lok Sabha decides whether the Bill is a Money Bill or not.
4. Both 1 and 3

Answer 1

Correct Answer - Option 4 : Both 1 and 3

The Correct Answer is Option 4 i.e Both 1 and 3. 

• Money Bill:
  • A money bill cannot be introduced in Rajya Sabha.
  • Rajya Sabha can neither reject a Money Bill nor amend it
  • The Speaker of the Lok Sabha decides whether the Bill is a Money Bill or not. 
  • Also, the Speaker’s decision shall be deemed to be final.
  • Article 110 of the constitution deals with Money Bill in India. 
  • A Money Bill may only be introduced in Lok Sabha, on the recommendation of the President. 
  • It must be passed in Lok Sabha by a simple majority.
  • It may be sent to the Rajya Sabha for its recommendations, which Lok Sabha may reject if it chooses to. 
  • If such recommendations are not given within 14 days, it will be deemed to be passed by Parliament.
  • A Bill is said to be a Money Bill if it only contains provisions related to taxation, borrowing of money by the government, expenditure from or receipt to the Consolidated Fund of India.