Write a short note on Money Bill.
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A Money Bill is a specific type of legislation in a parliamentary system that exclusively deals with national taxation or public expenditure. In India, the concept of a Money Bill is outlined in Article 110 of the Constitution. According to Article 110, a Bill is deemed a Money Bill if it solely contains provisions related to taxes, the borrowing of money by the government, expenditure from or receipt to the Consolidated Fund of India, or matters incidental to these financial subjects.
The critical distinction between a Money Bill and other types of legislation lies in the fact that only the Lok Sabha (the lower house of Parliament) has the authority to introduce and pass Money Bills. The Rajya Sabha (the upper house) can discuss and suggest amendments to a Money Bill but cannot ultimately block its passage. Once the Lok Sabha passes a Money Bill, it is sent to the Rajya Sabha, and the latter must return it within 14 days with its recommendations. However, the Lok Sabha can choose to accept or reject these suggestions.
This provision ensures the expeditious passage of financial measures required for the functioning of the government, maintaining the principle of parliamentary supremacy in financial matters and streamlining the legislative process concerning budgetary and financial affairs.