Major differences between Money Bill & Finance Bill of India:
Both money bills and finance bills deal with India’s financial matters, but they have significant differences:
Scope:
- Money Bill: Article 110 of the Constitution
- Finance Bill (I): Article 117(1) of the Constitution
- Finance Bill (II): Article 117(3) of the Constitution
Certification:
- Money Bill: The Speaker of the Lok Sabha certifies it based on Article 110’s definition.
- Finance Bill: No such certification is required.
Legislative Process:
- Money Bill:
- Introduced in the Lok Sabha (lower house) only.
- It can only be introduced by a minister.
- Introduced on the recommendation of the president.
- Rajya Sabha (upper house) can’t reject it but return it with or without recommendation.
- Rajya Sabha can detain it for a maximum period of 14 days.
- Lok Sabha’s final say prevails if differences arise between houses.
- Finance Bill:
- Introduced in the Lok Sabha.
- Rajya Sabha can make recommendations, but Lok Sabha can accept or reject them.
- If disagreements persist, a joint sitting of both houses is held to resolve the issue.
