[Solved] With reference to Finance Bill and Money Bill in the Indian Parliament, consider the following statements: When the tnk Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill. When the Lok Sabha transmits Money Bill to the Rajya Sabha, it cannot ammend or reject Bill, it can only make recommendations. In the case of disagreement between the Lok Sabha and the Rajya Sabha, there is no pint sitting for Money but a joint sitting becomes necessary for Finance Bill.. How many Of the above statements are correct?

Q67. With reference to Finance Bill and Money Bill in the Indian Parliament, consider the following statements:

1. When the tnk Sabha transmits Finance Bill to the Rajya Sabha, it can amend or reject the Bill.
2. When the Lok Sabha transmits Money Bill to the Rajya Sabha, it cannot ammend or reject Bill, it can only make recommendations.
3. In the case of disagreement between the Lok Sabha and the Rajya Sabha, there is no pint sitting for Money but a joint sitting becomes necessary for Finance Bill..

How many Of the above statements are correct?

1. Only one
2. Only two
3. All three;
4. None

Answer: 3

A Finance Bill is a Money Bill as defined in Article 110 of the Constitution. Whereas a Financial Bill is an ordinary bill as it apart from dealing with money matters also deals with non-money matters.

A Finance Bill is a document that presents to Parliament the government’s plans for the imposition of new taxes, changes to the current tax structure, or extension of the current tax structure beyond the time frame that has been agreed by Parliament. Accordingly, it is presented in accordance with Article 112. of the Annual Financial Statement, or Budget.

There is a Memorandum that goes with the Finance Bill that explains the provisions that it contains.

Only the Lok Sabha may introduce the Finance Bill.

The Rajya Sabha, however, is limited to suggesting changes to the Bill.

Within 75 days of the bill’s introduction, the Parliament must pass it. As a result, assertion 2 is true and statement 1 is false.

Article 108 prohibits the two chambers from convening together in order to discuss a finance bill since it is a money bill.

Therefore, assertion 3 is untrue.

But according to official answer key, two of the three statements are correct.

It is difficult to ascertain which two statements UPSC has considered to be correct as Only statement 2 can be said to be correct without any reasonable doubt.