Current Affairs 21 April 2021 – IAS Current Affairs

Current Affairs 21 April 2021 focuses on Prelims-Mains perspective. Major events are :

Why in News ?

Union Cabinet gives ex-post facto approval for the Government amendments to the Finance Bill, 2021.

What is a Finance Bill ?

Financial bills are those bills that deal with fiscal matters.
Article 110 of the Constitution of India, the Finance Bill is a Money Bill.
Financial bills are of three kinds:
- Money bills : Article 110
- Financial bills of First Kind : Article 117 (1)
- Financial bills of Second Kind : Article 117 (3)
Financial Bills First Kind
- Contains not only any or all the matters mentioned in Article 110, but also other matters of general legislation.
- Introduced only in the Lok Sabha and not in the Rajya Sabha.
- Introduced only on the recommendation of the president.
- It is Governed by the same legislative procedure applicable to an ordinary bill.
Financial Bills of Second Kind
- Contains provisions involving expenditure from the Consolidated Fund of India, but does not include any of the matters mentioned in Article 110.
- It is treated as an ordinary bill and in all respects.
- Introduced in either House of Parliament and recommendation of the President is not necessary for its introduction.
  - It cannot be passed by either House of Parliament unless the President has recommended to that House the consideration of the bill.

Money Bills

Article 110 of the Constitution deals with the definition of money bills.
The decision of the Speaker of the Lok Sabha is final for considering the Money Bill.

Who decides the Bill is a Finance Bill or Money Bill ?

The Speaker of the Lok Sabha is authorised to decide whether the Bill is a Money Bill or not.
Speaker’s decision shall be deemed to be final.
- Decision cannot be questioned in any court of law or in the either House of Parliament or even the president.
A money bill can only be introduced in the Lok Sabha with the ascend of President.

Difference between a Money Bill and the Finance Bill

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 Includes Article 117 (1) and (3) of the Constitution.

Source : PIB

GS II : Indian Constitution- historical underpinnings, evolution, features, amendments, significant provisions and basic structure

IAS Current Affairs