The correct answer is Option 2 - Article 110
The definition of 'Money Bills' is given in Article 110 of the Indian Constitution.
According to Article 110, a Bill is deemed to be a Money Bill if it exclusively contains provisions dealing with matters such as taxation, borrowing of money by the government, expenditure from the Consolidated Fund of India, or matters incidental to these subjects. Essentially, any legislation primarily related to financial matters falls under the category of Money Bills.
Money Bills can only be introduced in the Lok Sabha, the lower house of Parliament. The Rajya Sabha, the upper house, does not have the power to introduce or amend Money Bills. However, the Rajya Sabha can suggest amendments, which the Lok Sabha may or may not accept.
Before a Money Bill is introduced in the Lok Sabha, the Speaker certifies whether it is a Money Bill or not. The Speaker's decision in this regard is final and cannot be questioned.
The Rajya Sabha can consider a Money Bill within a period of 14 days from the date of its receipt. It can suggest amendments, but it cannot reject or amend a Money Bill. If the Rajya Sabha fails to return the Bill within 14 days, it is deemed to have been passed by both Houses.
After a Money Bill is passed by the Lok Sabha and, where applicable, by the Rajya Sabha, it is presented to the President for assent. The President cannot return a Money Bill for reconsideration, and once assented to, it becomes law. |
