Question

Who certifies bills as money bills?
A. Finance Minister
B. Prime Minister
C. Chairman of council of states
D. Speakers of the house of the people

Answer 1

Hint:A Bill is said to be a Money Bill if it contains only provisions relating to taxes, government borrowing of money, expenditure on or on receipt of the Consolidated Fund of India. Bills that include only clauses that are incidental to these matters will also be known as money bills.

Complete answer:
According to Article 110 of the Constitution of India, the Finance Bill is a Money Bill. The Finance Bill is part of the Union budget, which lays out all the legislative adjustments needed for the tax reforms introduced by the Minister of Finance. Bear in mind that the Finance Bill is an underlying statute.This bill covers all the changes required by the various tax regulations in compliance with the tax reforms made in the Union budget.
The money bill may only be passed in Parliament with the prior consent of the President of India. The Finance Bill is to be introduced within 75 days (including the Parliament's vote and the President's assent). There is no role of Prime minister.
Finance bill is not reported to Lok Sabha within that span, the bill shall be considered to have been approved by both Houses at the end of that span in the manner in which it was approved by Lok Sabha. The Rajya Sabha cannot change the Money Bill, it can only propose amendments and Lok Sabha can either approve or refuse any or all of the recommendations made by Rajya Sabha.
Pursuant to Article 110(1) of the Constitution, a bill is considered to be a money bill if it includes only clauses on one or more of the following-
(a) the imposition, elimination, remission, adjustment or control of any tax;
(b) the regulation of government borrowing;
(c) the control of the Consolidated Fund or Contingency Fund of India and the payment or withdrawal of the Consolidated Fund or Contingency Fund;
(d) the appropriation of funds from the Consolidated Budget of India;
(e) the announcement of any expenditure to be expenditure paid to the Consolidated Fund of India or the increase in the value of any such expenditure;
(f) Collection of revenue on the behalf of the Joint Account of India or on the public account of India or the possession or problem of such cash or the inspection of the assets of the Union or of a State;
(g) any matter incidental to any of the matters referred to in (a) to (f).
The Money Bill is approved by the Speaker as such only those Financial Bills that are certified by the Speaker are Money Bills. Financial bills which are not certified by the Speaker are of two kinds: bills which contain all of the matters referred to in Article 110, but which do not contain only such matters [Article 117(1)] and ordinary bills which include clauses relating to spending from the Pooled Budget [Article 117(3)].

Hence Option D is the correct answer.

Note:The Money Bill can only be introduced in Lok Sabha, on the request of the President. It must be adopted by a clear majority of all members present and voting in Lok Sabha. Following this a recommendation may be submitted to the Rajya Sabha, which Lok Sabha may refuse if it wishes to do so. If no such recommendation is made within 14 days, it will be considered to have been accepted by Parliament.