How a money bill become law???
explain .
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A money Bill is first introduced in Lok Sabha. Then it is passed by the Lok Sabha ,with the consent of the President ,it becomes a law
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money bills can be introduced only in Loksabha with the prior recommendation of the President.Every such bill is considered as government bill and can be introduced only by a minister (no private members can introduce)
Article 110 deals with the definition of money bills as followed
1)The imposition , remission,alteration or regulation of any tax;
2)The regulations of borrowing of money by the union government
3)The custody of consolidated Fund or contingency fund of India,the payment of money or withdrawal of money from any such funds
4)The appropriation of money out of CFI
5)Declaration of any expenditure charged on CFI
6)Receipt of money on account of CFI or public account of India or custody or issue of such money or audits of Union or a state
7)Decision of speaker is final whether the bill is a money bill or not.His decision cannot be questioned in any court of law
8)After money bills passed in Loksabha it is transmitted to the Rajyasabha for its consideration only it must return the bill within 14 days.Loksabha can either accept or reject the recommendation proposed by Rajyasabha
Finally money bill is presented to the President he may either give assent or withhold his assent but cannot return for reconsideration
President normally gives assent because money bill introduced with the prior permission of President
Article 110 deals with the definition of money bills as followed
1)The imposition , remission,alteration or regulation of any tax;
2)The regulations of borrowing of money by the union government
3)The custody of consolidated Fund or contingency fund of India,the payment of money or withdrawal of money from any such funds
4)The appropriation of money out of CFI
5)Declaration of any expenditure charged on CFI
6)Receipt of money on account of CFI or public account of India or custody or issue of such money or audits of Union or a state
7)Decision of speaker is final whether the bill is a money bill or not.His decision cannot be questioned in any court of law
8)After money bills passed in Loksabha it is transmitted to the Rajyasabha for its consideration only it must return the bill within 14 days.Loksabha can either accept or reject the recommendation proposed by Rajyasabha
Finally money bill is presented to the President he may either give assent or withhold his assent but cannot return for reconsideration
President normally gives assent because money bill introduced with the prior permission of President
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