With the emergence of the concept of welfare state, almost all the major governments of the world is now focusing on the promotion of the quality of life of its people. This promotional act also includes the maintenance of law and order of the land and implementing new economic and social plans from time to time. Indian government is also trying its best to promote the quality of life of the common Indians. But, Indian government can only render these services once it is blessed with adequate resources. Any government needs funds to carry out such functions and India is not an exceptional to this law. This fund is collected from the country's resources through the imposition of direct and indirect taxes, lending short term and long term loans or through some other methods. It is in this context, an important question crops up that, why will the people pay taxes? And here in comes the immense significance of the bills and finance in India. The money bills and other finance bills passed by the Lok Sabha and Rajya Sabha of Indian Parliament become the laws of the land and any kind of violation of these laws is a punishable offense.
And, so the common people are bound to abide by the laws made out of the financial bills in order to meet the government expenditures.
If we are talking about bills and finance in India, then we are actually referring to the significance of money bills and budget. The government cannot really tax any one the way it likes. The resources are limited and so, proper allocating of resources is needed to make the proper use of the existing resources. Budget is itself a finance bill which aims at striking a fine balance between the income and expenditure of the government. Money bills are first introduced in the Lok Sabha of the Parliament and then they are passed by the members of the Lok Sabha. After they get passed by the Lok Sabha, they are send to the Rajya Sabha not for amendments but for some suggestions though Lok Sabha is not bound to listen to all these suggestions. Ultimately, the money bills are signed by the President of India and then, they are made the laws of the land or legitimate ways of earning revenues for the government. This is how bills and finance can be related in Indian context. Money bills are thus financial policies of the ruling government and proper bills and finance in India is a must for ensuring the stability of the government.
It is through the implementation of bills and finance in India, the parliamentary form of government tries its best to have a full control over the finance of the land. Thus, bills and finance in India are political, economic as well as a legal process.
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