Consider the following comparison of the Money Bill and Financial Bills in context with the various bills in India:
1. While all money bills can originate only in Lok Sabha, some Finance Bills can originate in Rajya Sabha too
2. While all money bills deal matters specified in article 110 (1) (a) to (g) in the Constitution of India, Finance Bills comprise some other provisions too
Which among the above is / are correct?
Whereas a Money Bill deals solely with matters specified in article 110(1) (a) to (g) of the Constitution, a Financial Bill does not exclusively deal with all or any of the matters specified in the said article that is to say it contains some other provisions also. Financial Bills can be divided into two categories. In the first category are Bills which inter-alia contain provisions attracting article 110(1) (a) to (f) of the Constitution. They are categorised as Financial Bills under article 117(1) of the Constitution. Like Money Bills, they can be introduced only in Lok Sabha on the recommendation of the President. However, other restrictions in regard to Money Bills do not apply to this category of Bills. Financial Bill under article 117(1) of the Constitution can be referred to a Joint Committee of the Houses. In the second category are those Bills which inter-alia contain provisions which would on enactment involve expenditure from the Consolidated Fund of India. Such Bills are categorised as Financial Bills under article 117 (3) of the Constitution. Such Bills can be introduced in either House of Parliament. However, recommendation of the President is essential for consideration of these Bills by either House and unless such recommendation is received, neither House can pass the Bill.
This question is a part of GKToday's Integrated IAS General Studies Module