What is the concept of Money Bill in the Indian Constitution

The concept of Money Bill in the Indian Constitution is defined under Article 110. A Money Bill is a type of legislation that deals exclusively with matters related to government finance, such as taxation, public expenditure, loans, and consolidated fund. The Constitution provides certain special provisions for Money Bills:

• A Money Bill can only be introduced in the Lok Sabha (Lower House) of Parliament.
• It requires the prior recommendation of the President (head of state) for introduction.
• A Money Bill must be passed by the Lok Sabha and sent to the Rajya Sabha (Upper House) within a specified time period.
• The Rajya Sabha has limited powers over Money Bills. It can suggest amendments, but it cannot reject or amend the bill itself.
• If the Rajya Sabha does not return the bill within the specified time, it is deemed to have been passed by both houses.

The need for revisiting the issue of Money Bill arises due to concerns that some bills are being categorised as Money Bills to bypass the scrutiny and approval of the Rajya Sabha. This undermines the principle of bicameralism and dilutes the Rajya Sabha's role as a legislative review body. Revisiting the issue is important to ensure the proper functioning of the Indian Parliament and maintain the democratic principles enshrined in the Constitution.