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

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Q: 57 (IAS/2004)
With reference to Indian Parliament, which one of the following is not correct?

question_subject: 

Polity

question_exam: 

IAS

stats: 

0,165,193,107,38,165,48

keywords: 

{'appropriation bill': [0, 0, 2, 1], 'indian parliament': [11, 0, 5, 3], 'finance bill': [1, 0, 0, 0], 'money bill': [7, 1, 3, 9], 'appropriation act': [0, 0, 2, 0], 'parliament': [15, 1, 3, 8], 'appropriation': [0, 0, 2, 3], 'consolidated fund': [1, 0, 0, 3], 'taxes': [2, 1, 1, 0], 'new taxes': [0, 0, 1, 0], 'india': [8, 1, 7, 13]}

Option-1: This statement is correct. The Appropriation Bill, which provides for the appropriation of money out of the Consolidated Fund of India, must pass both houses of Parliament before becoming law.

Option-2: This statement is also correct. The Consolidated Fund of India is a public account where all revenues collected by the Government, loans raised, and receipts from recoveries are held. Any withdrawals from this fund must be authorized by the Appropriation Act.

Option-3: This is the incorrect statement. Along with proposing new taxes, the Finance Bill is used for making changes to the rates of taxes that are currently under operation. Therefore, any changes to existing tax rates would require a Finance Bill to be passed.

Option-4: This statement is correct. As per Article 117 in the Constitution of India, no Money Bill can be introduced in Parliament without the recommendation of the President. This is to ensure that the Executive maintains control over the nation`s finances.

So, the correct answer is option-3.