The correct option is The bill is deemed to have been passed..
Explanation
The procedure for passing a Money Bill is defined under Article 109 of the Constitution of India. Money Bills have a special procedure that establishes the supremacy of the Lok Sabha in financial matters.
Detailed Analysis:
According to Article 109, a Money Bill shall not be introduced in the Council of States (Rajya Sabha). After a Money Bill has been passed by the House of the People (Lok Sabha), it is transmitted to the Rajya Sabha for its recommendations.
- The Rajya Sabha must return the Bill to the Lok Sabha, with or without recommendations, within a period of 14 days from the date of its receipt.
- Article 109(5) specifically states that if a Money Bill passed by the Lok Sabha and transmitted to the Rajya Sabha is not returned to the Lok Sabha within the said period of 14 days, it shall be deemed to have been passed by both Houses at the expiration of the said period in the form in which it was passed by the Lok Sabha.
Analysis of Incorrect Options:
- The bill lapses.: The bill does not lapse; it is considered passed.
- The bill is sent to a Joint Committee.: There is no provision for a Joint Committee or a Joint Sitting (Article 108) for Money Bills. If there is a deadlock, the will of the Lok Sabha prevails.
- The President must intervene.: The President's role comes only after the bill is passed by Parliament and presented for assent. The President does not intervene during the transmission stage between the two Houses.
Key Takeaway:
The Rajya Sabha has restricted powers regarding Money Bills and cannot reject or amend them; it can only make recommendations. If it fails to return the bill within 14 days, the bill is automatically deemed passed in its original form.