Difference between Finance Bill and Money Bill

The difference between the Finance Bill and the Money Bill is explained here in detail. This topic is important from the perspective of the Indian Polity Syllabus. The Finance Bill forms a part of the Union Budget, with details about all the legal amendments required for the changes in taxation proposed by the Finance Minister of the country. Money bills are concerned with financial matters like taxation, public expenditure, etc. The bill is significant for Indian Polity and governance as many important issues like Aadhar Bill, Insolvency, and Bankruptcy Bill are also related to it. The difference between Finance Bill and Money Bill given here can help the UPSC Civil Service exam aspirants to understand the basics better and know their comparisons thoroughly.

Aspirants would find this article very helpful while preparing for the IAS Exam.

Difference between Finance Bill and Money Bill – UPSC Notes:- Download PDF Here

Difference between Finance Bill and Money Bill

The major differences between Finance Bill and Money Bill are:

Money Bill                                 Finance Bill
Financial Bill – I Financial Bill – II
To introduce this bill, recommendation of President is required.  To introduce this bill, the recommendation of the President is required. To introduce this bill, recommendation of the President is not required.
Rajya Sabha does not have the power to amend or reject the Money Bill Rajya Sabha has the power to amend or reject Financial Bill – I Rajya Sabha has the power to amend or reject Financial Bill – II
Whether a bill is a money bill or not is decided by the Speaker of Lok Sabha. This Bill does not require any kind of approval from the Speaker to classify it as Financial Bill-I This Bill does not require any kind of approval from the Speaker to classify it is as Financial Bill-II
The recommendation of the President of India is needed to introduce Money Bill. Recommendation of the President of India is needed to introduce Financial Bill – I Recommendation of the President of India is not needed to introduce Financial Bill – II
Money Bill can be introduced only in Lok Sabha Financial Bill-I can be introduced only in Lok Sabha Financial Bill-II can be introduced in Lok Sabha as well as Rajya Sabha
To resolve the deadlock on Money Bill, there is no provision for a joint sitting of Lok Sabha and Rajya Sabha. To resolve the deadlock on Financial Bill-I, President can summon a joint sitting of both Lok Sabha and Rajya Sabha To resolve the deadlock on Financial Bill-II, President can summon a joint sitting of both Lok Sabha and Rajya Sabha
Money Bills are dealt with by Article 110 of the Constitution Finance Bill-I is dealt with by Article 117(1) of the Constitution Finance Bill-II is dealt with by Article 117(3) of the Constitution.
Money Bill only deals with provisions mentioned in Article 110 Finance Bill-I not only deals with provisions of Article 110 but also other matters of general legislation Finance Bill-II deals with provisions on expenditure from the Consolidated Fund of India but is not included in Article 110.
Money Bill is a Government Bill Finance Bill -I is an ordinary Bill Finance Bill-II is an ordinary Bill

After learning about the Finance Bill vs Money Bill difference, it is better to know the complete details of Money Bill, how a bill is passed in India, presidential assent to bills, and lapsing of bills thoroughly. Visit the below-given links to learn about Money Bill, how a bill is passed in India, presidential assent to bills, and lapsing of bills in detail along with other information. These are the main differences between the Finance Bill and Money Bill. The differences given in the above table can help the UPSC Civil Service Exam aspirants to answer any related questions easily in the exams.

UPSC Civil Service Exam aspirants should diligently study the UPSC Indian Polity Notes, as it is an extremely important component of the UPSC Civil Service Exam Syllabus.

Difference between Finance Bill and Money Bill – UPSC Notes:- Download PDF Here

The above details would help candidates prepare for UPSC 2020.

Related Links

 

Leave a Comment

Your email address will not be published. Required fields are marked *