Question

The finance bill can only be introduced in ______.
1. Securities Exchange Board of India
2. Rajya Sabha
3. Reserve Bank of India
4. Lok Sabha

Answer 1

Correct Answer - Option 4 : Lok Sabha

The Correct Answer is "Lok Sabha".

• A Finance Bill is a Money Bill as defined in Article 110 of the Constitution.
• The proposals of the government for levy of new taxes, modification of the existing tax structure, or continuance of the existing tax structure beyond the period approved by Parliament are submitted to Parliament through this bill.
• The Finance Bill is accompanied by a Memorandum containing explanations of the provisions included in it.
• The Finance Bill can be introduced only in Lok Sabha.
• The Rajya Sabha can recommend amendments to the Bill.
• The bill has to be passed by the Parliament within 75 days of its introduction.
• Rule 219 of the Rules of Procedure of Lok Sabha states: ‘Finance Bill’ means the Bill ordinarily introduced in each year to give effect to the financial proposals of the Government of India for the following financial year and includes a Bill to give effect to supplementary financial proposals for any period.
• There are different kinds of Finance Bills — the most important of them is the Money Bill.
• The Money Bill is concretely defined in Article 110.
• A Money Bill is certified by the Speaker.
• Financial Bills that carry the Speaker’s certification are Money Bills.

• The Lok Sabha, or House of the People, called the Lower House of India's bicameral Parliament, with the upper house being called the Rajya Sabha.
• Members of the Lok Sabha are elected via way of means of a grownup everyday suffrage and a first-past-the-put up the machine to symbolize their respective constituencies, and that they preserve their seats for 5 years or till the frame is dissolved via way of means of the President on the recommendation of the council of ministers.
• The residence meets withinside the Lok Sabha Chambers of the Sansad Bhavan, New Delhi.
• The most club of the House allocated via way of means of the Constitution of India is 552 (Initially, in 1950, it become 500).
• Currently, the residence has 543 seats that are made up via way of means of the election of as much as 543 elected participants and at most.
• Between 1952 and 2020, 2 extra participants of the Anglo-Indian network had been additionally nominated via way of means of the President of India on the recommendation of the Government of India, which become abolished in January 2020 via way of means of the 104th Constitutional Amendment Act, 2019.
• The Lok Sabha has a seating potential of 550.