Union - Executive, Legisture

Indian Political System(PCS)

Title

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Indian Economy - Understanding the basics of Indian economic system

Consider the following about Money Bills and Financial bills:

1. Money bills and financial bills can be introduced only on the recommendation of the President.

2. A Money Bill can be tabled in either House of Parliament.

3. The Rajya Sabha must return a Money Bill passed by Lok Sabha and send it for consideration within 14 days.

4. The President cannot return a Money Bill to Lok Sabha for reconsideration.

Which of the statements given above are correct?

1&2 only

2&3 only

3&4 only

1,3&4 only

Money bill and Financial Bill

Money Bill and Financial Bill (I) can be introduced only on the recommendation of the President, but recommendation of the President is not necessary for the introduction of Financial bill (II)
Financial Bills (both I and II) are governed by the same legislative procedure which is applicable to an ordinary bill
The only special feature of Financial Bill (II) is that it cannot be passed by either House of Parliament unless the President has recommended to that House the consideration of the bill (Financial Bill (I) has no such special feature) A Money Bill can be introduced only in Lok Sabha. Hence, statement 2 is wrong.
The Rajya Sabha must return a Money Bill passed by Lok Sabha and send it for consideration within 14 days.
The President cannot return a Money Bill to Lok Sabha for reconsideration.