Budget 2023: What's The Role Of Finance Bill

As per Article 110 of the Constitution of India, a Finance Bill is a Money Bill which can only be presented in the lower house of the Parliament or the Lok Sabha

The Finance Bill is presented before the Parliament every year as part of the Union Budget documents. It is a Money Bill, which is used to implement changes in taxation proposed in the annual Budget. Finance Minister Nirmala Sitharaman will present the Union Budget 2023-24 in Parliament on February 1.

What is a Finance Bill?

As per Article 110 of the Constitution of India, a Finance Bill is a Money Bill which can only be presented in the lower house of the Parliament or the Lok Sabha. It can neither be introduced in Rajya Sabha nor can be referred to a Joint Committee of both houses. A Bill is considered a Money Bill when it pertains only to financial matters like taxation, government revenues, public expenditures and government borrowings.  

Once the bill is passed by the Lok Sabha, it is sent to the upper house which needs to return it with or without recommendations within 14 days. The Lok Sabha can either accept or reject the recommendations of the Rajya Sabha if any. However, if the bill is not returned by Rajya Sabha within 14 days, it is considered to have been passed by both houses of Parliament.