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Answer
Introduction:
The Parliament has extensive powers and performs
a number of functions. The primary
function of a parliament is law making or legislative work. A bill, in simplest
form can be defined as a legislative draft, which becomes act after passing from
both the houses and approval of the president of India, or governor, as may be applicable.
Money Bill:
Article 110 of the Constitution defines
the term Money Bill as “a Bill which contains only provision regarding taxes,
borrowings, custody of the Consolidated Fund and the Contingency Funds,
appropriations, declaring of any expenditure as charged on the Consolidated
Fund, receipt and custody of money in the Consolidated Fund, audit of the
accounts of the union or any other incidental matter.
Article 110 of the Constitution deals with Definition of Money Bill:
(1)
For the purposes of this Chapter, a Bill shall be deemed
to be a Money Bill if it contains only provisions dealing with all or any
of the following matters, namely
(a) the imposition, abolition, remission, alteration or regulation of any tax;
(b)
the regulation of the borrowing of money or the giving of
any guarantee by the Government of India, or the amendment of the law with
respect to any financial obligations undertaken or to be undertaken by the Government of India;
(c)
the custody of the consolidated Fund or the Contingency Fund of India, the payment of moneys into
or the withdrawal of moneys from
any such Fund;
(d) the appropriation of moneys
out of the consolidated Fund of India;
(e) the declaring of any expenditure to be expenditure charged on the Consolidated Fund of India or the increasing of the amount of any such expenditure;
(f)
the receipt of money on account of the Consolidated Fund
of India or the public account of India or the custody or issue of such money or the audit of the accounts
of the Union or of a State; or
(g) any matter incidental to any of the matters
specified in sub clause (a) to (f)
Note: A bill will not be referred to as a
money bill if it mentions only the imposition of any monetary fines or
penalties, or for the demand or payment of fees for licences or any other
services given, or if it provides any imposition, abolition, remission,
alteration or regulation of any tax imposed by any local authority for local
purpose.
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Legislative Procedure for Passing a Money Bill:
The introduction and adoption of a money
bill has a procedure of its own, that is distinguishable from the adoption of a Non- money bill and also from
a Financial Bill in some respects. That is special procedure
has been prescribed for the adoption
of a Money Bill.
Article 109 lays
down the procedure of passing Money
Bill
1.
With the prior recommendation of President, A Money Bill shall
only be introduced in Lok Sabha, but not in the Rajya Sabha.
2.
After a Money Bill has been passed
by the Lok Sabha, it shall be transmitted to the
Rajya Sabha for its recommendations. It must be certified by the speaker that
the same will be deemed as money bill only.
The Rajya Sabha shall, within a period
of 14 days from the receipt of the Bill, return
the Bill to the Lok Sabha with its recommendations. The Lok Sabha may, thereupon, either accept or reject
all or any of the recommendations of the Rajya Sabha.
Under Article 109(5), if Rajya Sabha fails to return the Bill to Lok Sabha
within 14 days, it is deemed to have been passed anyway.
3.
When a Money Bill has been passed by both the Houses of
Parliament, it is presented before the President
for his assent.
Note: The money bill can also be introduced in state legislatures by prior approval of Governor of the concern state, and in that case, The state legislative assembly (Vidhan Sabha) takes the position of Lok Sabha and legislative council (Vidhan Parishad), if applicable, takes the position of Rajya Sabha.
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