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Consider the following statements
1. A Money Bill cannot be introduced in the Council of States.
2. The Council of States cannot reject a Money Bill nor amend it.
Which of the statements given above is/are correct?
Only 1
Only 2
Both 1 and 2
Neither 1 nor 2
Procedure for a Money Bill: 1. Money Bills can be introduced only in Lok Sabha (the directly elected 'people's house' of the Indian Parliament). 2. Money bills passed by the Lok Sabha are sent to the Rajya Sabha (Council of States). The Rajya Sabha does not have power to amend money bills but can recommend amendments. 3. When a Money Bill is returned to the Lok Sabha with the recommended amendments of the Rajya Sabha it is open to Lok Sabha to accept or reject any or all of the recommendations. 4. A money bill is deemed to have passed both houses with any recommended amendments the Lok Sabha chooses to accept, (and without any that it chooses to decline). 5. The definition of ‘Money Bill’ is given in the Article 110 of the Constitution of India. A financial bill is not a Money Bill unless it fulfills the requirements of the Article 110. 6. The Speaker of the Lok Sabha certifies if a Finance bill is a Money Bill or not. 7. Policy cut motion - Disapproval of the given policy. Symbolically, the members demand that the amount of the demand be reduced to 1 INR. They may also suggest an alternative policy. 8. Economy cut motion - It is demanded that the amount of the policy be reduced by specified amount. 9. Token cut motion - Used to show specific grievance against the government. Also states that the amount of the demand be reduced by Rs. 100. 10. Finance bill is supposed to be enacted within 75 days(including the Parliament voting and the President assenting). 11. A money bill can only be introduced in parliament with prior permission by the President of India. 12. Money bill cannot be returned by the President to the parliament for its reconsideration, as it is presented in the Lok Sabha with his permission.
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