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Money Bill:
A Money Bill is a special category of legislation that exclusively deals with national financial matters, particularly those related to taxation, government expenditure, borrowing, and matters directly impacting the Consolidated Fund of a country. In parliamentary systems like India and the United Kingdom, the concept of a Money Bill serves as a crucial instrument to maintain the fiscal integrity of the state.
Characteristics of Money Bills:
Exclusivity to Financial Matters: Money Bills exclusively pertain to financial matters and can only be introduced in the lower house of the Parliament or legislative assembly. In India, Article 110 of the Constitution defines the characteristics of a Money Bill.
Lok Sabha Primacy: In countries following the Westminster model, like India, only the lower house (Lok Sabha) can initiate and pass Money Bills. The upper house (Rajya Sabha) has limited powers to suggest amendments, which the lower house can accept or reject.
President's Assent: After being passed by the lower house, a Money Bill is sent to the President for assent. Unlike ordinary bills, the President's approval is mandatory, and the upper house has no authority to withhold or delay the process.
Speaker's Certification: The Speaker of the lower house certifies a bill as a Money Bill based on the criteria outlined in the constitution. This certification is crucial for determining the bill's exclusive financial nature.
Significance:
The categorization of a bill as a Money Bill ensures expeditious passage for financial matters, preventing delays that might arise from disagreements between the two houses. This streamlined process is essential for maintaining the government's financial functioning, especially during budgetary considerations.
In conclusion, Money Bills play a pivotal role in the financial governance of a nation. They uphold the principle of fiscal responsibility, ensuring that matters directly impacting public finances are efficiently and promptly legislated, contributing to the effective functioning of parliamentary democracies.