Money Bill

Money Bill

Article 110 of the Constitution of India constins details of Money Bill.

A money bill is a type of legislation that deals with financial matters like taxation, public debt, and public expenditure. In India, money bills are introduced in the Lok Sabha (lower house) and then sent to the Rajya Sabha (upper house). 

Key features of money bills

Money bills are related to the Consolidated Fund of India, which is the government's main fund. 

Money bills can be used to appropriate money from the Consolidated Fund of India. 

Money bills can be used to regulate borrowing of money or giving of guarantees by the state. 

Money bills can be used to amend laws related to financial obligations of the state. 

Procedures followed for passing Money Bills  

The procedure for passing a money bill in India is outlined in the Constitution and involves the Lok Sabha and the Rajya Sabha. 

Step 1 The President recommends that a money bill be introduced in the Lok Sabha.

Step 2 A minister introduces the bill in the Lok Sabha.

Step 3 The bill is debated, and members can suggest amendments.

Step 4 A vote is held to pass the bill.

Step 5 If the bill passes the Lok Sabha, it is sent to the Rajya Sabha for consideration.

Step 6 The Rajya Sabha must return the bill to the Lok Sabha within 14 days.

Step 7 The Lok Sabha may accept or reject the Rajya Sabha's recommendations.

Step 8 If the Lok Sabha accepts the recommendations, the bill is passed by both Houses.

Step 9 If the President receives the bill, he can give or withhold his assent. 

Money bills are government bills that deal with financial matters that are important to the country's administration. The Speaker of the Lok Sabha certifies a bill as a money bill. 

Examples of money bills 

The Aadhaar Act

The Finance Act, 2017

The Finance Act, 2018