Write a short note on passage …

Money Bill refers to a bill (draft law) introduced in the Lower Chamber of Indian Parliament (Lok Sabha) which generally covers the issue of receipt and spending of money, such as tax laws, laws governing borrowing and expenditure of the Government, prevention of black money etc.Jun 5, 2015

Only those financial bills which contain provisions exclusively on matters listed in article 110 of the constitution are called Money Bills. A money bill is a bill when: It results in imposition, abolition, remission, alteration or regulation of any tax at union or state level but NOT at local level. Thus, money bills exist in Parliament and State legislature only. It results in regulation of borrowing of money or results in any guarantee by Government of India. ✳️Procedure for Passing of the Money Bills 1️⃣The money bills have special features which are as follows: 2️⃣A money bill can be introduced / originated only in Lok Sabha {or in legislative assembly in case of bicameral legislature in states}. 3️⃣A money bill can be introduced only on prior recommendations of the President {or governor in case of state} 4️⃣A money bill can be a government bill only. No private bill can be a money bill. 5️⃣Once a money bill is passed in Lok Sabha, it is transmitted to Rajya Sabha for its consideration. But Rajya Sabha has limited powers in this context. It can neither reject nor amend the money bill. It can make only recommendations. 6️⃣The Lok Sabha may or may not accept the recommendations of Rajya Sabha. Whether or not accepted those recommendations, thus returned bill is considered passed in both houses. 7️⃣President can withhold assent to money bill but cannot return it for reconsideration of the Lok Sabha.