Article 110 of the Constitution of India defines the Money bills and specifies the concepts touching. The finance bill is also considered as a specie of the Money Bills ,which is expressly included in the union budget as an important part of it dealing with certainly legal amendments which are required for the changes in taxation schemes and policies. The authority of the presention of which is under the Finance Minister.
A Finance Bill is generally to confine within a definitive entity is a Bill that concerns with the finances of the country, which can vary from taxes to government expenditures and from government borrowings to revenues and so on. The Union Budget deals with the issues aforementioned and hence are passed under the name of Finance Bill.
While looking at the overview of the element mentioned in the expressive enactment, Rule 219 of the ‘Rules of Procedure of Lok Sabha‘ it can be understood that ‘Finance Bill’ is generally the bill which in the ordinary course is introduced each year to provide the financial proposals of the Government of India (For the following financial year) and supplementary financial proposals (For any time period) with effect.
Soon after the annual budget is presented and passed by the Lok sabha, it gets introduced, which is also certified as Money bill.
CATEGORIES OF FINANCIAL LEGISLATION
The Constitution of India defines the legislation concerning with finance into two general categories:
1) Money bills- Article 110 of the Constitution of India = It is widely said that ‘All Money bills are Financial bills but all Financial bills are not Money bills’. With regards to the expanded scope of financial bills it can be confined in the sense of meaning that only those matters which are specifically mentioned under Article 110 ,and which are certified by the lok sabha speaker are Money bills.
2) Financial Bills (I)– Article 117 (1) of the Constitution of India= Both of the types of bills have alot in similar. The differentiation stands on the note that financial bills include matters of general legislation as it deals largely with all the financial matters whereas money bills only deal with the matters confined within Article 110. The similarity between the two is-
• Firstly, presentation of both is introduced only in Lok sabha, and not in the Rajya sabha.
• Secondly, only the President can recommend their introduction.
Financial bill with a general purview is treated as an ordinary bill which can be rejected and amended by the Rajya sabha.
2a) Financial Bills (II)– Article 117 (3) of the Constitution of India = The second form of financial bills as is mentioned under sub clause 3 of Article 117, contains provisions involving expenditure from the Consolidated Fund of India, but does not include any of the matters mentioned in Article 110.
Introduction of the bills in either houses of the parliament is initial process for which no structural consideration is mandatory. But unless the recommendation of the President is recieved expressly, no house on its own motion can pass the bill so presented.
Which means at the initiative process of introduction recommendation of the President is not essential but at the later stage of final consideration ,the assent of recommendation is mandatory to mold the bills in the form of existence out of the draft to insert into the system.
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