A Money Bill and financial Bill (Money Bill involving some other matter also) differ from other Bills in that these can be introduced in the House of people and that also with the recommendation of the president. Council of States has no Power to amend Money Bill and there is no provision of joint session for Money Bill because house of People has power to accept or deny the amendment made by the council of states.
Article 110 defines Money Bill: – According to article 110, a Money Bill is a Bill which contains only provision dealing with all or any of other matters, namely;
(a) The Imposition, abolition, remission, alternation or regulation of any tax;
(b) the regulation of the borrowing of money or the giving of any guarantee by the government of India, or the amendment of the law with the respect to any financial obligation undertaken or to be undertaken by the government of India;
(c) the custody of the consolidated Fund or the contingency Fund of India, the payment of moneys into or the withdrawal of money from any such fund;
(d) the appropriation of moneys out of the consolidated Fund of India;
(e) the declaration of any expenditure to be charged on the consolidated fund of India or the increasing of the amount of any such expenditure;
(f) the receipt of money on account of the consolidated fund of India or the custody or issue of such money or the audit of that accounts of the union or of a state; or
(g) any matter incidental to any of the matters specified in sub-clauses (A) to (F)
A Bill Shall not be deemed to be a Money Bill by reasons only that it provides for—
(a) The imposition of fines or other pecuniary penalties; or
(b) The demand or payment of fee or licenses; or
(c) Fees for services rendered, alteration or regulation of any tax by any local authority or body for local purposes
If any question arises whether a Bill is a Money Bill or not, the decision of the Speaker of the house of the people thereon shall be final.
There shall be endorsed on every Money Bill when it is transmitted to the Council of State under Article 109, and when it is presented to the president for assent under article 111 the certificate of the Speaker of the House of the People signed by him that it is a Money Bill.
A Money Bill can only be introduced in the Lok Sabha. When a Money Bill is passed by the Lok Sabha it is sent to the Rajay Sabha. The Rajay Sabha must return the Bill within 14 with its recommendations. The Lok Sabha may either accept or reject its recommendation. If the Lok Sabha accepts the recommendation the Bill shall be deemed to be passed by Lok Sabha an if it rejects even then the BillShall be deemed to be passed by Lok Sabha and sent to the President for his assent.
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