Hello Readers- Here is the important study notes for bank exams on topic "Money Bill". For IBPS bank exam preparation you prepare for Banking Awareness well. A money bill can be introduced only in Lok Sabha. Bills which exclusively contain provisions for imposition and abolition of taxes, for appropriation of moneys out of the Consolidated Fund, etc., are certified as Money Bills. Money Bills can be introduced only in Lok Sabha. Rajya Sabha cannot make amendments in a Money Bill passed by Lok Sabha and transmitted to it.
Banking Awareness Study Notes - Money Bill :
A bill that deals exclusively with money matters that are mentioned in Article 110 in Constitution is called a Money Bill. These Money matters are:
(1) Imposition, abolition or alternation of any tax.
(2) The borrowing of any money or giving any guarantee by the Govt. of India.
(3) The custody of the Consolidated Fund of India or Contingency fund of India or deposition or withdrawal of any money from any such funds.
(4) The appropriation of the money out of the Consolidated Fund of India.
(5) Declaring any expenditure as charged on the Consolidated Fund of India.
(6) The receipt of money on the account of consolidated Fund of India or Public Account of India.
(7) Any matter that is incidental to the above matters.
A money bill can be introduced only in Lok Sabha on the recommendation of the President. It is passed by a simple majority by both the Houses of Parliament. The Lok Sabha enjoys overriding legislative power in the passage of a money bill & Rajya Sabha cannot reject or approve a money bill by virtue of its own legislative power. Any money bill shall bear the certificate of speaker that it is a money bill. The Speaker’s decision in this regard is final & binding & cannot be questioned
in any court of law.
A money bill is transmitted to Rajya Sabha after it has been passed by Lok Sabha. The Rajya Sabha can exercise any of the following four options:
(i) It also passes the bill.
(ii) It rejects the bill outright – upon being rejected the bill is deemed to have been passed by both the Houses.
(iii) The Rajya Sabha does not pass the bill for 14 days, then on the expiry of 14th day after having received the bill it is deemed to have been passed by both the Houses.
(iv) The Rajya Sabha suggests amendments to the bill, the bill then goes back to the power House. If the Lok Sabha accepts one or more of the amendment then the bill is deemed to have been passed in that form on the other hand if Lok Sabha rejects the amendment then the bill is deemed to have been passed in its original form.
There is no deadlock between the Houses over the passage of a money bill. When a money bill is presents to the President, under the Constitution he shall declare that he give assent or withhold assent.