Which of the following is are correct 1 A Money bill can be introduced only in Lok Sabha 2 A M...........

Indian Polity Indian Parliament

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Which of the following is/are correct?

1. A Money bill can be introduced only in Lok Sabha.

2. A Money bill is also a Financial Bill.

3. All Financial bills can be introduced only on the recommendation of the President.

Select the correct answer from the codes given below.

1 only

1 and 2 only

1, 2 and 3 only

None of these

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Explanation:

The Finance Bill is introduced to give effect to the financial proposals of the Government of India for the following year. It is subjected to all the conditions applicable to a Money Bill. Unlike the Appropriation Bill, the amendments (seeking to reject or reduce a tax) can be moved in the case of finance bill. According to the Provisional Collection of Taxes Act of 1931, the Finance Bill must be enacted (i.e., passed by the Parliament and assented to by the president) within 75 days.