Q. Which of the following statements regarding the differences between a finance bill and a money bill is/are correct?

1. All financial bills are money bills, but not all money bills are financial bills.
2. While the recommendation of the President is required for introducing a money bill, it is not required for introducing any type of financial bill.
3. While the Rajya Sabha cannot amend or reject a money bill, financial bills can be amended or rejected by the Rajya Sabha.

Select the correct answer using the codes given below:
Answer: Only 3
Notes: Statement 1 is incorrect; all money bills are financial bills but not vice versa. Statement 2 is incorrect as President’s recommendation is required for money bills and financial bill I, but not for financial bill II. Statement 3 is correct; Rajya Sabha cannot amend or reject money bills, but can amend/reject financial bills.