Which one among the following is NOT a power of the Rajya Sabha?

Rejects and amends proposals for taxation, budgets and annual financial statements.

The correct answer is Option (3) → Rejects and amends proposals for taxation, budgets and annual financial statements.

Rajya Sabha does not have the power to reject or amend Money Bills, which include key financial matters like taxation proposals (e.g., via the Finance Bill), the Union Budget, Appropriation Bills, and annual financial statements. Under Article 109 of the Constitution, Rajya Sabha can only make recommendations on Money Bills within 14 days, which Lok Sabha may accept or reject. If not returned in time, the bill is deemed passed.

• Approves Constitutional amendments: Yes, Rajya Sabha has equal powers with Lok Sabha (Article 368 requires special majority in both Houses).
• Participates in the election and removal of the President, judges of the Supreme Court and High Courts: Yes, both Houses form the electoral college for the President's election (Article 54–55) and participate in impeachment/removal processes (Articles 56, 124, 217–218).
• It alone can initiate the procedure for removal of the Vice President: Yes, the resolution must originate in Rajya Sabha (Article 67(b)), though it requires Lok Sabha's agreement.