Question

Consider the following statements in the financial bill and say which is /are correct?
1. It is the same as a Money Bill
2. It can be introduced only in the Lok Sabha
3. It can be amended in the Rajya Sabha
4. It cannot be introduced except on the recommendation of the President

A. I only
B.II and IV
C. II, III, and IV
D. III and IV

Answer 1

Hint: The Finance Bill is a Money Bill, according to Article 110 of the Indian Constitution. The Finance Bill is a section of the Union Budget that lays out all of the legislative changes needed to implement the Finance Minister's proposed tax changes.

Complete answer:
- A Bill is a piece of legislation that has not yet been signed into law by the Houses of Parliament. A Finance Bill is a bill that deals with the country's finances, as the name indicates — it may be about taxation, government expenses, government borrowings, revenues, and so on. The Union Budget is passed as a Finance Bill because it deals with these issues.
- Finance Bill means the Bill ordinarily introduced each year to give effect to the Government of India's financial proposals for the following financial year and includes a Bill to give effect to supplementary financial proposals for any time, according to Rule 219 of the Lok Sabha Rules of Procedure.
- Finance Bills come in a variety of forms, the most common of which is the Money Bill. Article 110 defines the Money Bill in detail. The Speaker certifies a Money Bill as such; in other words, only Financial Bills with the Speaker's certification are Money Bills.
- Article 110 of the Indian Constitution describes a money bill. Money bills deal with financial problems such as taxes, government spending, and so on. The bill is relevant for Indian politics and governance because it focuses on a variety of important issues such as the Aadhar Bill and the Insolvency and Bankruptcy Bill.
- The Finance Bill is followed by a Memorandum that explains the provisions contained therein. Only the Lok Sabha will pass the Finance Bill. The Rajya Sabha, on the other hand, has the power to propose amendments to the Bill. Within 75 days of its presentation, the bill must be approved by Parliament.

So from the above discussion, it is clear that option A is correct. A finance bill is not the same as a money bill.

Note:
- In 1970, Indira Gandhi became the first woman finance minister, followed by Nirmala Sitharaman in 2019.
- India's first budget, presented on November 26, 1947, was an interim budget for the country.
- Due to significant economic changes such as lower-income and corporate tax rates, the 1997-98 budget was dubbed the "dream budget." P. Chidambaram gave the speech.