Question

Money bills can only be introduced in
A. Lok Sabha
B. Rajya Sabha
C. joint session of both the houses
D. None of the above

Answer 1

Hint: The money bill cannot be solely passed and introduced by the upper house. The money bill is different from the financial bill.

Complete answer:
The law-making is the basic function of Parliament. All the legislative proposals are supposed to be in the form of bills before parliament. A bill is a draft and cannot become the law unless approved by both houses. To begin with the law-making process, firstly the bill is introduced in either of the houses. If the bill is presented or introduced by a Minister is called Government’s Bill while if introduced by any member other than the Minister it is called Private Member’s Bill. A bill, before it is submitted has to go undergo three readings in each House. After a bill is passed by Rajya Sabha it is then transmitted to Lok Sabha. Once the Houses of Parliament passes the bill, it is submitted to the President for his assent. A bill will become a law after it receives assent from the President. There are four types of bills which are Constitution Amendment Bill, Money Bill, Financial Bill, and Ordinary Bill.
A Bill is a Money Bill only if it contains tax-related provisions, money borrowed by the government, or any expenditure receipt or form related to Consolidated Fund of India. The Money Bill can only be introduced in Lok Sabha, on the recommendation of the President. It can get a green flag in Lok Sabha by a simple majority of members present and voting. Later it was sent to Rajya Sabha for its recommendations, which Lok Sabha if it chooses to then can reject. If no recommendations are provided within 14 days then the bill will be deemed to be passed by the Parliament.

Therefore, option A is the correct option

Note:- The Money bill is only introduced in Lok Sabha (the Lower house), on the recommendation of the President.