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Q57 (IAS/2004) Polity & Governance › Parliament › Money and finance bills Answer Verified

With reference to Indian Parliament, which one of the following is not correct?

Result
Your answer: —  Â·  Correct: C
Explanation

Option 3 is not correct. The Finance Bill is employed not only to propose new taxes but also to amend existing tax statutes — changes in rates of taxes already in operation require amendment through the Finance Act (Finance Bill) rather than happening without any Bill/Act [3]. Other statements are supported by the texts: Appropriation and Finance Bills are Money Bills; they are transmitted to Rajya Sabha which can only recommend changes and, whether or not its recommendations are accepted, the Bills are deemed passed by both Houses in the special Money Bill procedure [1]. The Appropriation Act legally authorises withdrawals from the Consolidated Fund [2], and Money Bills require the President’s recommendation for introduction .

Sources

  1. [1] Indian Economy, Vivek Singh (7th ed. 2023-24) > Chapter 4: Government Budgeting > Finance Bill > p. 149
  2. [3] Indian Polity, M. Laxmikanth(7th ed.) > Chapter 23: Parliament > Stages in Enactment > p. 255
  3. [2] Laxmikanth, M. Indian Polity. 7th ed., McGraw Hill. > Chapter 23: Parliament > Stages in Enactment > p. 254
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