Question

What will follow if a Money Bill is substantially amended by the Rajya Sabha?
1. The Lok Sabha may still proceed with the BIll, accepting or not accepting the recommendations of the Rajya Sabha
2. The Lok Sabha cannot consider the BIll further
3. The Lok Sabha may send the Bill to the Rajya Sabha for reconsideration
4. The President may call a joint sitting for passing the Bill

Answer 1

Correct Answer - Option 1 : The Lok Sabha may still proceed with the BIll, accepting or not accepting the recommendations of the Rajya Sabha

• The correct answer is The Lok Sabha may still proceed with the BIll, accepting or not accepting the recommendations of the Rajya Sabha.

.MONEY BILL - 

1. The definition of the Money bill is laid down in Article 110 of the Constitution.
2. In case the question arises whether or not the bill proposed is a Money Bill, then the decision of the Lok Sabha Speaker shall prevail.
3. A Money Bill can only be introduced in the Lok Sabha on the recommendation of the President. Also, the bill has to be introduced by a minister only.
4. After the Money Bill gets passed in the Lower House (i.e. Lok Sabha)of the Parliament, it is sent to the Upper House (i.e. Rajya Sabha) for its consideration. Rajya Sabha has limited powers in case of a Money Bill, as it cannot reject or amend a Money Bill, it can only make its recommendations. Also, The Rajya Sabha has to return the bill to the Lok Sabha within 14 days. If Rajya Sabha fails to return the bill within the stipulated time, then the bill is deemed to have passed by both the houses in its original form.
5. Lok Sabha has the right to either accept or reject all the recommendations made by Rajya Sabha.
6. The bill shall be deemed to have passed in either case, the only difference being- if Lok Sabha accepts the recommendations, the bill will be passed in the modified form and if Lok Sabha rejects the recommendations, the bill will be passed in its original form. 
7. Finally, the bill is presented to the President. He may either give his assent or withhold his assent to the bill, but cannot return the bill.

• There are these following 4 types of bills that are introduced in the Parliament:

1. Ordinary Bills - related to matters other than the financial ones.
2. Money Bills - related to financial matters like public expenditure, taxation, etc.
3. Financial Bills - like money bills, these are also related to financial matters but are different from money bills.
4. Constitution Amendment Bills - related with amendments in the provisions of the Constitution.