{"id":305225,"date":"2024-07-23T18:50:26","date_gmt":"2024-07-23T13:20:26","guid":{"rendered":"https:\/\/forumias.com\/blog\/?p=305225"},"modified":"2024-07-23T18:50:26","modified_gmt":"2024-07-23T13:20:26","slug":"money-bill-and-finance-bill","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/money-bill-and-finance-bill\/","title":{"rendered":"Money bill and Finance bill"},"content":{"rendered":"

Source- This post on the Money bill and Finance bill<\/strong> has been created based on the article \u201cHow and when can a bill be defined as a money Bill?<\/a>\u201d published in \u201cThe Hindu\u201d on 23 July 2024.<\/p>\n

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Why in the news?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n

The Chief Justice of India (CJI) has agreed to list petitions before Constitution Benches that challenge the use of the money Bill route by the Centre to pass certain laws and amendments.<\/p>\n

About Money Bills:<\/h2>\n

1) It is defined by Article 110(1)(a) to (f) of the Constitution.<\/p>\n

2) It deals exclusively with financial matters like taxation, government borrowing, and the Consolidated Fund. It includes bills like the Finance Act and the Appropriation Act.<\/p>\n

3) It can only be introduced in the Lok Sabha. It is certified as money Bills by the Speaker of the Lok Sabha.<\/p>\n

4)\u00a0 What Exactly is a Money Bill?<\/strong> A bill that deals ‘only’ with matters related to:
\ni. Taxation
\nii. Government borrowing
\niii. Consolidated Fund or Contingency Fund operations
\niv Appropriation of funds
\nv. Expenditure charged on the Consolidated Fund
\nvi. Receipts or audit of accounts of the Union or States
\nNote:<\/strong> Incidental matters related to these six topics can also classify a bill as a money Bill.<\/p>\n

5) Procedure for a Money Bill:<\/strong><\/p>\n

i) Money bill is introduced only in the Lok Sabha.<\/p>\n

ii) Approval Process: \u00a0After passing in the Lok Sabha, the Rajya Sabha has 14 days to make recommendations. The Lok Sabha may accept or reject these recommendations.<\/p>\n

Issues and Controversies<\/h2>\n

i) Certification by Speaker:<\/strong> \u00a0The Speaker’s certification of a bill as a money Bill has been contested.<\/p>\n

ii) The Aadhaar Act (2016) and Finance Act (2017)<\/strong> faced judicial scrutiny for their classification as money Bills. \u00a0In the Aadhaar case, the Supreme Court upheld the classification 4:1, with the current CJI dissenting.<\/p>\n

iii)\u00a0 The Finance Act amendments were struck down in Rojer Mathew vs South Indian Bank (2019) due to improper classification as a money Bill.<\/p>\n

Way Forward<\/h2>\n

i) The need for a seven-judge Bench to give an authoritative judgment on the definition of money Bills.<\/p>\n

ii) Speakers should strictly adhere to the definition of money Bills to uphold their spirit during certification.<\/p>\n

UPSC Syllabus: Polity and nation\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Source- This post on the Money bill and Finance bill has been created based on the article \u201cHow and when can a bill be defined as a money Bill?\u201d published in \u201cThe Hindu\u201d on 23 July 2024. Why in the news? The Chief Justice of India (CJI) has agreed to list petitions before Constitution Benches… Continue reading Money bill and Finance bill<\/span><\/a><\/p>\n","protected":false},"author":10366,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,1760,1],"tags":[11872,10498],"class_list":["post-305225","post","type-post","status-publish","format-standard","hentry","category-daily-factly-articles","category-polity-and-nation","category-uncategorized","tag-9pm-daily-factly","tag-the-hindu","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/305225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10366"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=305225"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/305225\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=305225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=305225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=305225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}