Difference Between Money Bill and Financial Bill
The Difference Between Money Bill and Financial Bill are as follows:
Feature | Money Bill | Financial Bill |
Initiation | Only in Lok Sabha (House of the People) | Can be introduced in either Lok Sabha or Rajya Sabha (Council of States) |
Recommendation of President | Not required | Required (before introduction in Lok Sabha) |
Definition | Exclusively deals with matters specified in Article 110 of the Constitution, primarily related to taxation and public expenditure | Covers a broader range of financial matters, including taxation but not limited to those specified in Article 110 |
Exclusive Power | Solely under the control of Lok Sabha | Requires the approval of both houses for enactment |
Role of Rajya Sabha | Rajya Sabha can only suggest amendments and must pass within 14 days (without the power to reject) | Rajya Sabha has equal legislative powers; can amend, reject, or delay the bill |
Presidentās Assent | President must give assent within 14 days of receiving it | Presidentās assent is required, but there is no time limit for giving assent |
Legislative Procedure in Parliament
The legislative procedure is commonly characterized as a series of acts used to consider and enact laws, i.e. the process of deliberation, adoption, and publication of laws. The legislative process involves numerous necessary stages that must be completed in a specific order. The legislative procedure allows for detailed scrutiny and discussion. If approved by the originating house, the bill proceeds to the other house for further consideration. Once both houses agree on the final version, the bill is submitted to the President for assent. After the presidentās assent, the bill becomes law. This structured and deliberative process reflects the democratic principles that govern Indiaās parliamentary system.
Table of Content
- What is Legislative Procedure?
- What is Bill?
- Classification of Bill
- Difference Between Public Bill and Private Bill
- Stages of Formation of an Act in Parliament
- Difference Between Money Bill and Financial Bill
- Constitutional Amendment Bills
- Ordinance
- Advantages of Legislative Procedures
- Disadvantages of Legislative Procedures
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