Consider the following statements 1 All financial bills are money bills 2 Money bill can only be int...........

Indian Polity Indian Parliament

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Consider the following statements:

1. All financial bills are money bills.

2. Money bill can only be introduced in the Lok Sabha and on the recommendation of President.

Which of the above statement[s] is/are correct?

1 only

2 only

Both

None

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Explanation:

Financial bills are those bills that deal with fiscal matters, that is, revenue or expenditure. However, the Constitution uses the term ‘financial bill’ in a technical sense. Financial bills are of three kinds:
1. Money bills—Article 110
2. Financial bills (I)—Article 117 (1)
3. Financial bills (II)—Article 117 (3)
This classification implies that money bills are simply a species of financial bills. Hence, all money bills are financial bills but all financial bills are not money bills. Only those financial bills are money bills which contain exclusively those matter,which are mentioned in Article 110 of the Constitution.
These are also certified by the Speaker of Lok Sabha as money bills. The financial bills (I) and (II), on the other hand, have been dealt with in Article 117 of the Constitution. Hence statement 1 is incorrect.