Question

Provisions to Financial Bill is provided under ______________
A. Article 110 of Constitution
B. Article 115 of Constitution
C. Article 117 of Constitution
D. Article 119 of Constitution

Answer 1

Hint: The Financial Bills are classified into two parts and the part I of the Financial Bill contains the matters mentioned in the Money Bill. This Article does not relate to supplementary, additional, excess grants or regulate the procedure in parliament in relation to financial business.

Complete Answer:
A Finance Bill deals with the country’s finances, it covers taxes, government expenditures, and borrowings, revenues, etc. As all these things come under the Union Budget, it is passed as a Financial Bill. According to the ‘Rule 219 of the Rules of Procedure of Lok Sabha,’ the Bill ordinarily in each year to give effect to the financial proposals of the Government of India for the following financial year is called ‘Finance Bill.’ The Financial Legislations have been divided into two categories by the Constitution, Money Bills and Financial Bills:-
1. Money Bills - Article 110 of the Constitution, are concerned with Financial matters like taxation, public expenditure, etc.
2. Finance Bills (I) - Article 117 (1), contains not only the matters mentioned in the Money Bill but also the other matters of general legislation.
3. Finance Bills (II) - Article 117 (3), contains provisions involving expenditure from the Consolidated Fund of India but does not include any of the matters which are included in Article 110. Whereas Article 115 relates with the Supplementary, additional or excess grants while Article 119 gives authority to Parliament to enact laws to regulate the procedure in parliament in relation to financial business.
So, the correct answer is Option C.

Note: The introduction of the Finance Bill takes place after the presentation of the annual budget is passed by the House. It is also termed as a Money Bill. Article 110 and 117(I) requires the President's recommendation but there is no need for the President's recommendation in Article 117(II).