Parliament is a supreme law making body of the nation. Any proposed law is introduced in the Parliament as a bill. After being passed by the Parliament and getting the President’s assent it becomes a law.
There are two kinds of bills:-(i) ordinary bill and (ii) money bill.
Every member of the Parliament has a right to introduce an ordinary bill ,thus we have two types of bills – government bills and private member’s bills. A Minister moves a government bill and any bill not moved by a Minister is a Private Member’s Bill
Each Bill undergoes the following legislative process:-
The money bills are such bills which deal with money matters like imposition of taxes, governmental expenditure and borrowings etc. In case there is a dispute as to weather a bill is a money bill or not, the Speaker’s decision is final.
- Money bill can be introduced only in Lok Sabha and not in Rajya Sabha and that too with the prior approval of and on behalf of the President.
- After being passed by the Lok Sabha, the bill goes to the Rajya Sabha. Rajya Sabha has 14 days at its disposal for consideration and report.
- The Rajya Sabha cannot reject the money bill. It may either accept it or make recommendations.
- In case Rajya Sabha chooses to make recommendations, the bill will return to Lok Sabha. The Lok Sabha may accept these recommendations or reject them. In any case the bill will not go back to Rajya Sabha. Instead it will be sent directly to the President for his assent.
- If the Rajya Sabha does not return the bill within 14 days, it will be deemed to have been passed by both the Houses of the Parliament and sent to the President for his assent.