Financial bills in the Indian Parliament encompass a range of fiscal matters, including revenue and expenditure. They are classified into three types:
- Money Bills (Article 110)
- Financial Bills (I) (Article 117(1))
- Financial Bills (II) (Article 117(3))
Money Bills
- Definition: Money bills deal exclusively with matters mentioned in Article 110 of the Constitution, such as taxation, borrowing by the government, or appropriation of funds.
- Certification: These bills are certified by the Speaker of the Lok Sabha as money bills.
- Procedure: They can only be introduced in the Lok Sabha and require the President's recommendation. The Rajya Sabha can only make recommendations and must return the bill within 14 days; otherwise, it is automatically deemed passed.
Financial Bills (I)
- Definition: These bills contain any or all matters mentioned in Article 110 (as in money bills) but also include other general legislative matters.
- Introduction: Like money bills, they can only be introduced in the Lok Sabha and require the President's recommendation.
- Procedure: In all other aspects, they follow the same legislative procedure as an ordinary bill, including debate, amendment, and voting in both Houses of Parliament.
Financial Bills (II)
- Definition: These bills contain provisions involving expenditure from the Consolidated Fund of India but do not include any of the matters mentioned in Article 110.
- Procedure: They are treated as ordinary bills and follow the same legislative process, including introduction in either House and passing through the stages of debate, amendment, and voting.
- Special Feature: These bills cannot be passed by either House unless the President has recommended consideration of the bill.
In summary, while money bills have exclusive restrictions and privileges in the legislative process due to their specific focus on fiscal matters, Financial Bills (I) and (II) are more aligned with the processes of ordinary bills, with the main difference being in their subject matter and the need for presidential recommendation.
