Financial bills are of 3 types

Q.  How many types of financial bills are there?
- Published on 01 Jun 16

a. 3
b. 2
c. 4
d. 1

ANSWER: 3
 
  • Financial bills are those bills that deal with fiscal matters, that is, revenue or expenditure. However, the Constitution uses the term ‘financial bill’ in a technical sense.
  • Financial bills are of three kinds:

    • 1. Money bills—Article 110
    2. Financial bills (I)—Article 117 (1)
    3. Financial bills (II)—Article 117 (3)
  • This classification implies that money bills are simply a species of financial bills. Hence, all money bills are financial bills but all financial bills are not money bills.
  • Only those financial bills are money bills which contain exclusively those matters which are mentioned in Article 110 of the Constitution.
  • These are also certified by the Speaker of Lok Sabha as money bills. The financial bills (I) and (II), on the other hand, have been dealt with in Article 117 of the Constitution.

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