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Question
Discuss the procedure to be followed by the Union Parliament in Passing a Money Bill.
Solution
The following procedure is followed by the Union Parliament in passing the Money Bills:
- A Money Bill can be introduced only in the Lok Sabha on the prior recommendation of the President.
- After it has been passed by the Lok Sabha, the Money Bill is sent to the Rajya Sabha, which must return the Bill within 14 days with or without its recommendations to Lok Sabha.
- If the Rajya Sabha does not make any recommendations within 14 days the Bill is deemed to have been passed by the Rajya Sabha. However, if the Lok Sabha does not accept the recommendations made by the Rajya Sabha, the Bill is deemed to have been passed in the form it was passed by the Lok Sabha. If the Money Bill is not sent back by the Rajya Sabha within a period of 14 days, it is deemed to have been passed by the both Houses at the expiration of the said period.
- After a Money Bill is passed by both the Houses, it is sent to the President, who shall not with hold his assent from the Money Bill.
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