Consider the following statements about Financial Bill of Category A:

  1. Unlike Money Bill, Financial Bill of Category A can be introduced in either House of Parliament
  2. Prior permission of President is not required before introducing the bill

Which of the above statements is/are correct?

Answer: [D] Neither 1 nor 2

First statement is incorrect because Financial Bill of Category A can be introduced only in Lok Sabha. Second statement is also incorrect because it requires prior permission of president before being introduced in Lok Sabha.

This question is a part of GKToday's Integrated IAS General Studies Module