Consider the following statements regarding Financial Bills in the Indian Parliament: 1. All financial bills can be introduced only in the Lok Sabha and require the President’s recommendation. 2. Unlike a Money Bill, a Financial Bill can be rejected or amended by the Rajya Sabha, and a joint sitting can be summoned in case of deadlock. Which of the statements given above is/are correct? |ForumIAS

[A] Only one

[B] Both

[C] None

[D] Only two

Answer: B

Notes:

Explanation:

Both Money Bills (Article 110) and Financial Bills (I) (Article 117(1)) can be introduced only in the Lok Sabha and only on the recommendation of the President.
A Financial Bill is governed by the ordinary legislative process (unlike Money Bills). Hence, it can be rejected or amended by the Rajya Sabha, and if there is a deadlock, it can be resolved by a joint sitting of both Houses.

Source: Laxmikant (Polity)