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Understanding The Distinction Between Money Bills & Finance Bills
Writer: Tanya Chaturvedi
As a dedicated content writer, I thrive on the art of storytelling through various media forms. My passion lies in creating engaging, informative and visually captivating content that resonates with audience across platforms.
India, 13 Oct 2023 10:41 AM GMT
Editor : Ankita Singh |
A literature lover who likes delving deeper into a wide range of societal issues and expresses her opinions about the same. Keeps looking for best-read recommendations while enjoying her coffee and tea.
Creatives : Tanya Chaturvedi
As a dedicated content writer, I thrive on the art of storytelling through various media forms. My passion lies in creating engaging, informative and visually captivating content that resonates with audience across platforms.
Unlike money bills, finance bills can address a broader range of financial concerns and undergo a different legislative process that involves both houses of Parliament.
In a recent statement by Parliamentary Affairs Minister Pralhad Joshi, the classification of the Digital Personal Data Protection (DPDP) Bill 2023 has been officially clarified. Contrary to earlier reports, the bill has been identified as a financial bill and not a money bill, emphasizing its broader legislative scope.
As per the understanding shared by the minister, the DPDP Bill 2023 falls within the ambit of Article 117 of the Constitution, which governs the enactment of financial bills. Shedding light on the distinction between financial and money bills, the minister highlighted that while money bills exclusively address matters specified in Article 110(1)(a) to (g), financial bills encompass a wider array of fiscal concerns, including government spending and revenue.
Under the specific categorization of financial bills, there are two distinct types highlighted under Article 117. The first category, labeled as financial bill (i), aligns closely with money bills in terms of parliamentary procedures, necessitating origination in the Lok Sabha and presentation based on the President's advice. Conversely, financial bill (ii) operates as an ordinary bill, not requiring the President's explicit approval for introduction, albeit necessitating presidential involvement during the consideration stage.
The critical distinction between money bills and financial bills underscores the procedural disparities in their passage through the parliamentary process. While the Rajya Sabha holds no power to reject or amend money bills, financial bills necessitate approval from both houses of Parliament, highlighting the intricate legislative scrutiny they undergo.
Furthermore, the minister clarified the constitutional prerequisites for financial bills, emphasizing the exclusive introduction of such bills in the Lok Sabha and the strict requirement for presidential recommendations during their initiation.
This recent clarification regarding the classification of the DPDP Bill 2023 aims to foster transparency and understanding in the legislative process, underscoring the intricate nuances that dictate the trajectory of crucial bills shaping India's digital and financial landscape.
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