What is Money Bill ?
Money bill is nothing but the bill which is made by the legal constitution Lok Sabha and passed to the high ranked legal constitution Rajya Sabha for lucid information on tax OR Governmental expenses so that there can be transparency between the people and Government of India.
All legislative proposals are brought before Parliament in the forms of Bills.
How it works ?
There are different procedure to pass this money bill for each country. As I explained above for India. The definition of “Money Bill” is given in the Article 110 of the Constitution of India.
If Rajya Sabha wants to change or modify something in Money Bill then they may not amend it but instead of that they can recommend the change to Lok Sabha.
Categories of Money Bills :
- FinanceBill :
- Finance Bill is a secret billintroduced in Lok Sabha every year immediately after the presentation of the General Budget to give effect to the financial proposals of the Government of India for the following financial year.
- Finance Bills are treatedas Money Bills as they substantially deal with amendments to various tax laws.
- An Appropriation Bill is introduced in Lok Sabha immediately after adoption of the relevant demands for grants.
- Such Bills are categorized as Money Bills as they seek to authorize appropriation from the Consolidated Fund of India, of all moneys required to meet the grants made by the House and the expenditure charged on the Consolidated Fund of India.
- Points to be noted :
A Money Bill can be introduced in Lok Sabha If any question arises whether a Bill is a Money Bill or not, the decision of Speaker thereon is final. The Speaker is under no obligation to consult any one in coming to a decision or in giving his 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 endorsed and signed by him when it is transmitted to Rajya Sabha and also when it is presented to the President for his assent.
- The Speaker’s certificate on a Money Bill oncegiven is final and cannot be challenged.
- A Money Bill cannot be referred to a JointCommittee of the Houses.
- If Rajya Sabha fails to return the Bill to Lok Sabha within 14 days, it is deemed to have been passed anyway.
- A Bill becomes an Act of Parliament after being passed by both the Houses of Parliament and assented to by the President.