Question

Give correct response to-
1. A Money Bill cannot be introduced in Rajya Sabha
2. All Financial Bills are not Money Bills
3. A money Bill can be introduced only in Lok Sabha on the recommendation of the President.
4. Rajya Sabha is fully empowered to reject or amend a Financial Bill as it does in the case of ordinary bill _____________
1. I and IV
2. I, II, III, and IV
3. I and III
4. II, III, and IV

Answer 1

Hint: We have to remember that a financial Bill contains provisions related to taxation, it’s policies, expenditure, or provisions made on any other matter. It mentions the revenue and expenditure of the government. A Money Bill is a kind of Financial Bill that is passed in Lok Sabha and is sent to the Rajya Sabha.

Complete answer:
1. We must have to know that the Money Bills can only be introduced in Lok Sabha. However, it is sent to the Rajya Sabha for amendment/rejection. The President can return the bill for reconsideration. It cannot be passed by either house of the Parliament unless it is recommended by the President to reconsider the bill. The Lok Sabha has more power in matters of money matters.
2. We have to know that the bills related to the revenue and expenditure of the government are termed as Financial Bills whereas a Money Bill is a kind of Financial Bill that is specified to ARTICLE $110$. Article $110$ states that ‘a bill is deemed to be a Money Bill if it contains provisions dealing with the imposition, abolition, remission, alteration or regulation of any tax.’
3. The Lok Sabha is responsible for the introduction of the Money Bill. Once it is introduced in the Lok Sabha, it can be reverted back by the President for reconsideration. However, it cannot be presented in the Lok Sabha without the prior permission of the President.
4. The Rajya Sabha has certain restrictions regarding the Money Bill. It can reject or amend or detain any ordinary bill but it cannot reject or amend the Money Bill. It can only make recommendations in regard to the Financial Bill.
So, the correct answer is Option B.

Note: We need to remember that a bill is drafted for the proposed legislation by a legislature. It does not become a law until it is confirmed by the legislature or approved by the executive. Financial Bill contains matters other than those related to Article $110$. It states all the matters related to finances. Both Financial and Money bills are introduced in Lok Sabha. Money Bills are related to matters like taxation, public expenditure, etc.