Difference between Money bill and Financial bill
A money bill is a bill that deals with the raising or spending of public money. A financial bill is a bill that deals with the borrowing of money by the government.
The main difference between a money bill and a financial bill is that a money bill can only be introduced in the Lok Sabha, while a financial bill can be introduced in either the Lok Sabha or the Rajya Sabha.
Another difference between a money bill and a financial bill is that a money bill can be passed by a simple majority in the Lok Sabha, while a financial bill can only be passed by a majority of the total membership of both Houses of Parliament.
Money bill
A money bill is a bill that deals with the raising or spending of public money. It can only be introduced in the Lok Sabha, and the Rajya Sabha can only suggest amendments to it. The President can send a money bill back to the Lok Sabha for reconsideration, but he cannot withhold his assent to it.
The following are some examples of money bills:
- A bill to impose a new tax or to increase an existing tax.
- A bill to borrow money on the credit of the Government of India.
- A bill to authorize the issue of currency notes.
- A bill to provide for the appropriation of money out of the Consolidated Fund of India.
Financial bill
A financial bill is a bill that deals with the borrowing of money by the government. It can be introduced in either the Lok Sabha or the Rajya Sabha, and both Houses have equal powers to amend it. The President can send a financial bill back to the House in which it was originally introduced for reconsideration, but he cannot withhold his assent to it.
The following are some examples of financial bills:
- A bill to authorize the government to borrow money from the public.
- A bill to authorize the government to raise loans from foreign governments or international financial institutions.
- A bill to provide for the repayment of government loans.
Conclusion
The main difference between a money bill and a financial bill is that a money bill can only be introduced in the Lok Sabha, while a financial bill can be introduced in either the Lok Sabha or the Rajya Sabha. Another difference between a money bill and a financial bill is that a money bill can be passed by a simple majority in the Lok Sabha, while a financial bill can only be passed by a majority of the total membership of both Houses of Parliament.
Frequently asked questions
What is a money bill?
A money bill is a bill that deals with the raising or spending of public money. It can only be introduced in the Lok Sabha, and the Rajya Sabha can only suggest amendments to it. The President can send a money bill back to the Lok Sabha for reconsideration, but he cannot withhold his assent to it.
What is a financial bill?
A financial bill is a bill that deals with the borrowing of money by the government. It can be introduced in either the Lok Sabha or the Rajya Sabha, and both Houses have equal powers to amend it. The President can send a financial bill back to the House in which it was originally introduced for reconsideration, but he cannot withhold his assent to it.
What are the differences between a money bill and a financial bill?
The main difference between a money bill and a financial bill is that a money bill can only be introduced in the Lok Sabha, while a financial bill can be introduced in either the Lok Sabha or the Rajya Sabha. Another difference between a money bill and a financial bill is that a money bill can be passed by a simple majority in the Lok Sabha, while a financial bill can only be passed by a majority of the total membership of both Houses of Parliament.
What are some examples of money bills?
Some examples of money bills include:
- A bill to impose a new tax or to increase an existing tax.
- A bill to borrow money on the credit of the Government of India.
- A bill to authorize the issue of currency notes.
- A bill to provide for the appropriation of money out of the Consolidated Fund of India.
What are some examples of financial bills?
Some examples of financial bills include:
- A bill to authorize the government to borrow money from the public.
- A bill to authorize the government to raise loans from foreign governments or international financial institutions.
- A bill to provide for the repayment of government loans.