This page was first created on 5 June 2015, at 10: Money Bill refers to a bill draft law introduced in the Lower Chamber of Indian Parliament Lok Sabha which generally covers the issue of receipt and spending of money, such as tax laws, laws governing borrowing and expenditure of the Government, prevention of black money etc. Features of Money Bills Essentially a Money bill has the following features:. Remarkable initiatives by Modi government to hike farmers income.
Share Tools. Spotify, world's biggest streaming service, now live in India: The Bill deals with issues such as receipt and spending of money, such as tax laws, laws governing borrowing and expenditure of the government, prevention of black money etc.
However, Rajya Sabha can neither reject nor amend the Bill, and must return it within 14 days, after which Lok Sabha may choose to accept or reject all or any of its recommendations. Home Budget 2019 Budget 2018: Vande Bharat Express to have branded 5-star food; beverages from Chaayos, Nescafe.
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. Budget 2019 income tax rebate to benefit over 8 lakh Indian Railways employees.
Under Article 110 1 of the Constitution, a Bill is deemed to be a Money Bill if it contains only provisions dealing with all or any of the following matters: The Speaker has the power to decide whether a bill is a money bill or ordinary bill. Here's how to get started. The tabling of the Economic Survey has set off the countdown for Budget 2018 in parliament on February 1. Next Stories.
A bill, which solely deals with the matters prescribed in Article 110 clause 1 of the Constitution, is considered as a Money Bill. Full details of Train 18 timings and stations on Delhi-Varanasi route.
This means that once the Speaker has certified a Bill as a Money Bill, its nature cannot be questioned in a court of law, in the Houses of Parliament, or even by the President. Stay Connected.
In a general sense, any Bill that relates to revenue or expenditure is a Financial Bill.