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Financial Bills are in Article 110, Article 117(1) and Article 117(3) of the Indian Constitution. These Bills deal with fiscal matters that pertain to the expenditure and revenue of the nation. All Money Bills are Financial Bills but all Financial Bills are not Money Bills. Furthermore, Article 110 mentions the Money Bill and everything it entails. Moreover, it deals with matters relating to taxation, public expenditure, borrowing of money by the Government, and other aspects of India’s monetary management. Read on to learn in detail the difference between Financial Bill and Money Bill!
Difference between Financial Bill and Money Bill
In addition, here is the difference between both Bills:
| Difference between Financial Bill and Money Bill | ||
| Feature | Financial Bill | Money Bill |
| Initiation | It can be introduced in either House of Parliament (Lok Sabha or Rajya Sabha). | It can only be introduced in the Lok Sabha. |
| Scope | Broader. Covers all aspects of Government finances. | Narrower. Focuses on specific financial actions. |
| Purpose | Deals with matters other than those specified for Money Bills. | Solely deals with matters specified under Article 110(1)(a) to (g). |
| Approval | Needs the approval of both Houses of Parliament. | Requires only the approval of the Lok Sabha. If the Rajya Sabha does not return the bill within 14 days, it is deemed to have been passed by both Houses. |
| Role of Rajya Sabha | Rajya Sabha can suggest amendments, which may or may not be accepted by the Lok Sabha. | Rajya Sabha can only discuss and must return the bill within 14 days; it cannot amend a Money Bill. |
| Effectiveness | Comes into effect after being passed by both Houses and receiving the President’s assent. | Comes into effect after being passed by the Lok Sabha, and the Rajya Sabha either passes it with or without amendments or fails to return it within 14 days. |
| Examples | Budget-related bills, taxation bills, appropriation bills, etc. | Bills related to taxes, public expenditure, etc., as specified in Article 110. |
| Special Features | -Not all Financial Bills are Money Bills. -Requires approval from both Houses of Parliament. -Can be amended by the Rajya Sabha. | -A special category of Financial Bill with faster passage through Parliament. -Cannot be amended by the Rajya Sabha. -The President’s assent is mandatory but cannot be withheld. |
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