Question

How long can the Rajya Sabha retain the money bill sent by the Lok Sabha?

Answer 1

Hint: A Bill can be defined as a draft statute that becomes law when it is passed by both the Houses of Parliament. It has to be assigned to the President of India. Every legislative proposal is brought before Parliament in the form of Bills.

Complete step by step answer:
Money Bill refers to a bill (draft law) introduced in the Lok Sabha which generally covers the issue of receipt and spending of money, such as tax laws, prevention of black money, the law governing borrowing and expenditure of the Government, etc. The Speaker is not obligated to consult anyone in coming to a decision or in giving a certificate that a Bill is a Money Bill.
The certificate of the Speaker to the effect that a Bill is a Money Bill, is to be approved and signed by the Speaker when it is transmitted to Rajya Sabha and also when it is presented to the President for assent. The Speaker’s certificate on a Money Bill once given is concluding and cannot be challenged. Rajya Sabha needs to return a Money Bill passed and transmitted by Lok Sabha within a period of fourteen days from the date of its receipt. The period of fourteen days is calculated from the date of receipt of the Bill in the Rajya Sabha Secretariat and not from the date on which it is laid on the Table of Rajya Sabha.

Note: However, if Rajya Sabha does not return a Money Bill within the stipulated period of fourteen days, the Bill is considered to have been passed by both Houses of Parliament at the expiry of the said period of fourteen days in the form in which it was passed by Lok Sabha and thereafter it is presented to the President for assent.