Correct Option
The correct option is Only two
Explanation
Article 110 and Article 117 of the Constitution of India govern the legislative procedures for Money Bills and Financial Bills, respectively. While all Money Bills are Financial Bills, not all Financial Bills are Money Bills. Financial Bills are categorized into Financial Bill (I) and Financial Bill (II), each following distinct parliamentary procedures regarding the powers of the Rajya Sabha and the provision for joint sittings.
- Statement 1 is Correct: Finance Bills (specifically Financial Bill I and II) are treated as Ordinary Bills in several aspects once they are introduced. Unlike a Money Bill, the Rajya Sabha possesses the power to amend or reject a Finance Bill. Under Article 117, while a Financial Bill (I) requires the President's recommendation for introduction and cannot be introduced in the Rajya Sabha, it follows the ordinary legislative procedure thereafter, allowing the Rajya Sabha to exercise its powers of amendment or rejection.
- Statement 2 is Correct: Article 109 stipulates a restrictive procedure for Money Bills. Once a Money Bill is passed by the Lok Sabha and transmitted to the Rajya Sabha, the latter has no power to reject or amend it. The Rajya Sabha must return the bill within 14 days with or without recommendations. The Lok Sabha may accept or reject any or all of these recommendations.
- Statement 3 is Incorrect: While it is true that there is no provision for a joint sitting in the case of a Money Bill (Article 108 does not apply), a joint sitting is not "necessary" for a Finance Bill. A joint sitting is a discretionary constitutional mechanism summoned by the President under Article 108 to resolve a deadlock between the two Houses. It is a possibility in the event of a disagreement, but it is not a mandatory requirement for the passage of the bill.
Key Takeaway: The Rajya Sabha has equal powers with the Lok Sabha to reject or amend Financial Bills (I and II), and deadlocks on such bills can be resolved via a joint sitting, whereas for Money Bills, the Rajya Sabha has only recommendatory powers and no joint sitting is permitted.