Context

• A seven-judge bench of the Supreme Court of India will hear arguments on crucial questions relating to the drafting of a Money Bill, the final decision of which will impact several laws passed in recent years without the approval of the Rajya Sabha.

Money Bill

• Money Bill is defined under Article 110.
• The decision of which bill is to be called a Money Bill and which is not is taken by the Lok Sabha Speaker.
• In this case, the decision of the Lok Sabha Speaker is the final decision.
• Any court, Parliament or the President cannot challenge his decision.
• This bill can be introduced in the Lok Sabha only through the recommendation of the President.
• It can be introduced only by a minister.

Powers of Rajya Sabha relating to Money Bill:

• The power of Rajya Sabha is quite limited concerning money bill. On the other hand, in case of ordinary bills, both the houses have been given equal power.
• Rajya Sabha cannot reject or amend the money bill. It can only make recommendations.
• Lok Sabha doesn't need to accept the recommendations of Rajya Sabha.
• Along with this, Rajya Sabha has to give its approval on it within 14 days otherwise it is considered passed by Rajya Sabha.

Powers of the President relating to Money Bills:

• When the money bill is presented to the President, he can either give his approval to it or keep it on hold but in no case can he send it back for reconsideration.
• This happens because the President's consent is taken before presenting it in the Lok Sabha.

According to Article 110 a Bill shall be deemed to be a Money Bill only if -

• The bill provides for the imposition, cancellation, avoidance, alteration or regulation of any tax.
• A bill should contain provisions for depositing or withdrawing money from the Consolidated Fund of India or the Contingency Fund.
• The bill should be related to the appropriation of money from the Consolidated Fund of India.
• The bill should be related to the receipt or expenditure of any money in the Consolidated Fund of India or the Public Account or the audit of the funds of the Centre or the State.