Money Bills can be defined as a type of bills that deal which government expenditure and taxation issues which are made laws later on. Money Bills is a legal term and is definitely a constitutional convention which is sanctioned by the members of Parliament. The upper house of the Parliament has no authority to stop a Money Bill from getting passed. But the members of lower house or Lok Sabha in India can put up their objections. If a Money Bill is not getting adequate support from the members of Lok Sabha, then, it signifies the loss of confidence of Lok Sabha which would ultimately lead to the fall of the ruling government. Let us get into the details about Money Bills in India.
Money Bills in India can be introduced in Lok Sabha. Lok Sabha members are the direct representatives of the people of India and as they have been elected by the common Indians. This is why, Lok Sabha enjoys a more prominent position in Indian Parliament scenario than Rajya Sabha. The Rajya Sabha members are not the direct representatives of the people. Money Bills in India are first passed by Lok Sabha and then, they are forwarded to Rajya Sabha or the upper house of the Parliament.
Rajya Sabha constitutes the members either elected by the state or territorial legislatures or appointed by the President of India.
Interestingly, the Rajya Sabha has no right to amend money bills it can surely recommend suggestion for the amendment of the bills. In that case, the money bill should be returned to Lok Sabha within 14 days with recommendations for amendments. Otherwise, it is assumed that the Rajya Sabha has passed the money bills. It is not necessary that Lok Sabha would be taking the recommendations from Rajya Sabha seriously. Thus, it is quite evident that the power of Rajya Sabha is highly limited as far as money bills in India are concerned. The Lok Sabha has the power to accept or to reject all the recommendations suggested by the members of Rajya Sabha. Finally, the money bills in India are send to the President of India for his or her signature. Even the President is quite helpless. He or she can send the bill back without giving approval but that will not be of much help. If the bill is send back to the President second time, then, he or she is bound to put his signature. And, once the money bills in India are signed, they are made laws of the land. Thus, approved money bills have gt serious legal connotations.
Thus, apparently, the whole process of passing money bills in India might sound bit complicated yet, it is quite clear from this brief discussion that, Lok Sabha enjoys the ultimate power as far as money bills in India are concerned.
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