Finance Bill, introduced each year to give effect to the financial proposals of the central government for the next financial year, includes a Bill for supplementary financial proposals for any period

Effective date of the Finance Bill

Rajya Sabha Chairman M Venkaiah Naidu put the bills to vote, which were approved by voice vote and returned to the Lok Sabha

Goyal also took a swipe at the Congress, saying unlike the previous UPA dispensation, the Modi government in its interim Budget did not reduce levies on SUVs, which are used by the rich

Finance Bill passed by Lok Sabha without debate; relief for start-ups, PPF holders

New Delhi, 13 MarchThe Lok Sabha couldn't take up Finance Bill 2018-19, Appropriation Bills and demands for grants with protests forcing a washout of the proceedings for the seventh consecutive day.The government had listed the Finance Bill, Appropriation Bills and a vote on all the outstanding demands for grants in respect of the Budget 2018-19, called 'Guillotining' in parliamentary parlance, in the revised list of business of the Lok Sabha for Tuesday.Cut motions on demands for grants of the ministries of railways, agriculture and farmers' welfare and social justice and empowerment were also listed in the business agenda of the Lok Sabha, which could not be taken up.Several of the Opposition parties, including the Congress, met Speaker Sumitra Mahajan to protest what they called the government's "arrogance" in listing these Bills. They said this was the government's "unilateral move to bulldoze all the financial business without discussing them on the floor of the House."In their ..

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According to the Finance Bill 2018, this amendment will apply in relation to the assessment year 2001-02 as well as subsequent assessment years

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	The Union Budget not only contains the government&#39;s annual financial statement but also a road map for how the country&#39;s finances will be managed in the next financial year. As such, it is a piece of legislation that has to be vetted by Parliament. Usually, the Union Budget is presented a month or two before the end of the ongoing financial year and is effective from April 1 of the next financial year.</div>
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	Rule 219 of the Rules of Procedure of the Lok Sabha states: &lsquo;Finance Bill&rsquo; means the Bill ordinarily introduced in each year to give effect to the financial proposals of the Government of India for the following financial year and includes a Bill to give effect to supplementary financial proposals for any period.</div>
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RELATED BUDGET TERMS

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What is Effective date of Finance Bill, Effective date of Finance Bill Meaning, Effective date of Finance Bill Definition

When is Effective date of the Finance Bill

When a piece of legislation is yet to be passed as a law by the Houses of Parliament, it is termed a Bill. A Finance Bill is a Bill that, as the name suggests, concerns the country&#39;s finances &mdash; it could be about taxes, government expenditures, government borrowings, revenues, etc. Since the Union Budget deals with these things, it is passed as a Finance Bill.<br />
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Rule 219 of the Rules of Procedure of Lok Sabha states: &lsquo;Finance Bill&rsquo; means the Bill ordinarily introduced in each year to give effect to the financial proposals of the Government of India for the following financial year and includes a Bill to give effect to supplementary financial proposals for any period.<br />
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There are different kinds of Finance Bills &mdash; the most important of them is the Money Bill. The Money Bill is concretely defined in Article 110. A Money Bill is certified by the Speaker as such &mdash; in other words, only those Financial Bills that carry the Speaker&rsquo;s certification are Money Bills.<br />
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Article 110 states that a Bill shall be deemed to be a Money Bill if it contains only provisions dealing with all or any of the following matters:<br />
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(a) the imposition, abolition, remission, alteration or regulation of any tax;<br />
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(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 respect to any financial obligations undertaken or to be undertaken by the Government of India;<br />
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(c) the custody of the consolidated Fund or the Contingency Fund of India, the payment of moneys into or the withdrawal of moneys from any such Fund;<br />
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(d) the appropriation of moneys out of the consolidated Fund of India;<br />
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(e) the declaring of any expenditure to be expenditure charged on the Consolidated Fund of India or the increasing of the amount of any such expenditure;<br />
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(f) the receipt of money on account of the Consolidated Fund of India or the public account of India or the custody or issue of such money or the audit of the accounts of the Union or of a State; or<br />
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(g) any matter incidental to any of the matters specified in sub clause (a) to (f)<br />
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A Bill shall not be deemed to be a Money Bill by reason only that it provides for the imposition of fines or other pecuniary penalties, or for the demand or payment of fees for licences or fees for services rendered, or by reason that it provides for the imposition, abolition, remission, alteration or regulation of any tax by any local authority or body for local purposes<br />
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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<br />
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There shall be endorsement of every Money Bill when it is transmitted to the Council of States 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.

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What is Finance Bill, Finance Bill Meaning, Finance Bill Definition

Finance Bill

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	Generally, the Finance Bill makes amendments to existing rules and laws regarding taxes, government expenditure, financial policy, etc. As a result, laws such as the Income-Tax Act, The Indian Stamp Act, UTI Act or FRBM Act, Securities Contracts Regulation Act, Forward Contracts Regulation Act, Foreign Exchange Management Act, Prevention of Money Laundering Act, etc, may be amended by the Finance Bill.</div>
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	Amendments made in Interim Budget 2019</div>
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	a) Clause 4 of the Finance Act amended section 23 of the Income-tax Act to allow taxpayers an option to claim &#39;nil&#39; annual income from any two houses declared as self-occupied, instead of one such house as was earlier applicable. It said that notional rent with regard to unsold inventory would not be charged to tax for up to two years, instead of one at present, from the end of the financial year in which the certificate of completion is obtained from a competent authority.</div>
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	b) Clause 22 of the Finance Act amended sub-section (3) of section 8 of the Prevention of Money-laundering Act, 2002, so as to extend the time limit of 90 days for which the attachment remains valid during the period of investigation to one year, excluding stays by any court.</div>
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What is Acts regulated by Finance Bill, Acts regulated by Finance Bill Meaning, Budget News, Acts regulated by Finance Bill

Acts regulated by the Finance Bill

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	Financial inclusion is a method of offering banking and financial services to individuals. It aims to include everybody in society by giving them basic financial services regardless of their income or savings. It focuses on providing financial solutions to the economically underprivileged. The term is broadly used to describe the provision of savings and loan services to the poor in an inexpensive and easy-to-use form. It aims to ensure that the poor and marginalised make the best use of their money and attain financial education. With advances in financial technology and digital transactions, more and more startups are now making financial inclusion simpler to achieve.</div>
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	<strong>Financial inclusion definition</strong></div>
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	Financial inclusion is the process of ensuring access to financial products and services needed by vulnerable groups at an affordable cost in a transparent manner by institutional players.</div>
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	<strong>When was financial inclusion concept introduced in India?</strong></div>
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	The concept of financial inclusion was first introduced in India in 2005 by the Reserve Bank of India.</div>
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	<strong>Objectives of financial inclusion</strong></div>
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	The objectives of financial inclusion are to provide the following:</div>
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		A basic no-frills banking account for making and receiving payments</li>
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		Saving products (including investment and pension)</li>
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		Simple credit products and overdrafts linked with no-frills accounts</li>
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		Remittance, or money transfer facilities</li>
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		Micro insurance (life) and non-micro insurance (life and non-life)</li>
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		Micro pension</li>
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	<strong>Financial inclusion in India</strong></div>
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	<strong>PMJDY: </strong>Around 192.1 million accounts have been opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY). These zero-balance bank accounts have been accompanied by 165.1 million debit cards, a life insurance cover of Rs 30,000 and an accidental insurance cover of Rs 1 lakh.</div>
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	Other than PMJDY, there are several other financial inclusion schemes in India &mdash; Jeevan Suraksha Bandhan Yojana, Pradhan Mantri Vaya Vandana Yojana, Pradhan Mantri Mudra Yojana, Stand Up India scheme, Venture Capital Fund for Scheduled Castes under the social-sector initiatives, Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY), Varishtha Pension Bima Yojana (VPBY), Credit Enhancement Guarantee Scheme (CEGS) for scheduled castes, and Sukanya Samriddhi Yojana.</div>
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	<strong>Why is financial inclusion important?</strong></div>
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	Financial inclusion strengthens the availability of economic resources and builds the concept of savings among the poor. Financial inclusion is a major step towards inclusive growth. It helps in the overall economic development of the underprivileged population. In India, effective financial inclusion is needed for the uplift of the poor and disadvantaged people by providing them with the modified financial products and services.</div>
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What is Financial inclusion, Financial inclusion Definition, Financial inclusion News

Financial Inclusion

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	The Annual Financial Statement is a document presented to Parliament every financial year as part of the Budget process, as required under Article 112 of the Constitution of India. The documents consist of receipts and expenditures of the government in the current year, previous year and the Budget year in three separate parts &mdash; Consolidated Fund of India, Contingency Fund of India, and Public Account of India. The government presents a statement of receipts and expenditures for these accounts every year to Parliament.</div>
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	Loans raised by the government, borrowings from the Reserve Bank of India (RBI), and borrowings from foreign governments or institutions are shown under capital receipts, which also show loan recoveries, asset sale, disinvestment, etc.</div>
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	<strong>The difference between Annual Financial Statement and Budget</strong></div>
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	The term Budget is a common word for a number of documents, including the Annual Financial Statement. The other documents in the Budget include Demand for Grants, Appropriation Bill, Finance Bill, Memorandum Explaining the Provisions in the Finance Bill, Macroeconomic Framework Statement, Fiscal Policy Strategy Statement, Medium Term Expenditure Statement, etc.</div>
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	Annual Financial Statement distinguishes the expenditure on revenue account from the expenditure on other accounts, as mandated in the Constitution. Revenue and capital sections together form the Union Budget, so the Annual Financial Statement is basically the Budget of the government.</div>

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Effective date of the Finance Bill

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