Consider the following statements:
-
All Money Bills fall under the broader category of Financial Bills.
-
All Financial Bills are classified specifically as Money Bills.
Which of the above statements is/are correct?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Only 1.
-
Statement 1: Correct. Every Money Bill is a type of Financial Bill, but not all Financial Bills meet the strict criteria of Article 110 required for a Money Bill.
-
Statement 2: Incorrect. Financial Bills include three categories—Money Bills (Article 110), and two other types (Articles 117(1) and 117(3)). Only those dealing exclusively with matters in Article 110 are Money Bills.