With reference to Finance Bill and Money Bill in the Indian Parliament, consider the following statements:
\n1. When the Lok Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill.
\n2. When the Lok Sabha transmits Money Bill to the Rajya Sabha, it cannot amend or reject the Bill, it can only make recommendations.
\n3. In the case of disagreement between the Lok Sabha and the Rajya Sabha, there is no joint sitting for Money Bill, but a joint sitting becomes necessary for Finance Bill.
\nHow many of the above statements are correct?<\/p>\n
[amp_mcq option1=”Only one” option2=”Only two” option3=”All three” option4=”None” correct=”option3″]<\/p>\n
Statement 2 is correct. Money Bills, as defined under Article 110, have a special procedure outlined in Article 109. Money Bills can only be introduced in the Lok Sabha. Once passed by the Lok Sabha, they are transmitted to the Rajya Sabha, which cannot amend or reject the Bill. Rajya Sabha can only make recommendations, which the Lok Sabha may or may not accept. If Rajya Sabha does not return the Bill within 14 days, it is deemed to have been passed by both Houses in the form passed by the Lok Sabha.<\/p>\n