Monday, July 22, 2013

What is a Money Bill:



Under the Constitution, the Bills concerning public finance can be divided into three categories:
(a) Money Bills proper i.e., Bills exclusively dealing with matters mentioned in all or any of the clauses of article 110.
(b) Other Financial Bills dealing with any of the matters specified in clauses (a) to (f) of article 110 and also other matters.
(c) Bills other than those falling under (a) and (b) but involving expenditure from the Consolidated Fund of India.
Money Bills are defined in article 110. Other Financial Bills falling under (b) and (c) are covered by article 117, clauses (1) and (3) thereof respectively.


Other details about  money bill:
  1. Money Bills can be introduced only in Lok Sabha (the directly elected 'people's house' of the Indian Parliament).
  2. Money bills passed by the Lok Sabha are sent to the Rajya Sabha (the upper house of parliament, elected by the state and territorial legislatures or appointed by the president). The Rajya Sabha may not amend money bills but can recommend amendments. A money bill must be returned to the Lok Sabha within 14 days or the bill is deemed to have passed both houses in the form it was originally passed by the Lok Sabha.
  3. When a Money Bill is returned to the Lok Sabha with the recommended amendments of the Rajya Sabha it is open to Lok Sabha to accept or reject any or all of the recommendations.
  4. A money bill is deemed to have passed both houses with any recommended amendments the Lok Sabha chooses to accept, (and without any that it chooses to decline).
  5. The definition of "Money Bill" is given in the Article 110 of the Constitution of India. A financial bill is not a Money Bill unless it fulfills the requirements of the Article 110.
  6. The Speaker of the Lok Sabha certifies if a Finance bill is a Money Bill or not.
  7. Policy cut motion-disapproval of the given policy.symbolically the members demand that the amount of the demand be reduced to re1.they may also suggest alternative policy.
  8. Economy cut motion - It is demanded that the amount of the policy be reduced by specified amount.
  9. Token cut motion - Used to show specific grievance against the govt.also states that the amount of the demand be reduced Rs. 100.
  10. Finance bill is supposed to be enacted within 75 days(including the Parliament voting and the President assenting).

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