In Indian Constitution, Article 110 deals with Money Bill in India. There are few provisions for a bill to be deemed as a money bill. The provisions that make a bill a money bill in India are given below:
- The imposition, abolition, remission, alteration or regulation of any tax
- The regulation of the borrowing of money by the Union government
- The custody of the Consolidated Fund of India or the contingency fund of India, the payment of money into or the withdrawal of money from any such fund
- The appropriation of money out of the Consolidated Fund of India
- Declaration of any expenditure charged on the Consolidated Fund of India or increasing the amount of any such expenditure
- The receipt of money on account of the Consolidated Fund of India or the public account of India or the custody or issue of such money, or the audit of the accounts of the Union or of a state
- Any matter incidental to any of the matters specified above
Money bill is certified by loksabha speaker and his/her decision is final.
A Money Bill may only be introduced in Lok Sabha, on the recommendation of the President. It must be passed in Lok Sabha by a simple majority of all members present and voting. Following this, it may be sent to the Rajya Sabha for its recommendations, which Lok Sabha may reject if it chooses to. If such recommendations are not given within 14 days, it will deemed to be passed by Parliament.
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