Money Bill and Finance Bill ( UPSC Prelims)

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News Context

Article 117(1): Pertains to issues concerning Money Bills (as outlined in Article 110); these can only be presented in the Lok Sabha with the President’s recommendation.
 • Article 117(3): Any bills that entail spending from the Consolidated Fund of India must have the President’s prior recommendation.

About Finance Bill and Money Bill

     ○ A Finance Bill can only be introduced in the Lok Sabha. The Rajya Sabha is limited to recommending amendments to the Bill; it cannot amend or reject it.
      ○ The Bill must be approved by Parliament within 75 days of its introduction.
      ○ Since a finance bill is classified as a money bill, there is no provision for a joint sitting of the two houses concerning a finance bill, as per Article 108.
    ● Article 109 outlines the special procedure for Money Bills.  
        ○ If the Lok Sabha does not accept any recommendations from the Rajya Sabha, the Money Bill is considered passed by both Houses in the form approved by the Lok Sabha, without incorporating any amendments suggested by the Rajya Sabha.