JKSSB Written 2024
Answer & Explanation
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Correct Answer:
Option C —
Both House of Parliament and signed by President.
In the Indian legislative process, a "Bill" is a draft proposal that only becomes "Law" (an Act) after following a specific constitutional procedure:Introduction and Passing: The Finance Bill is a Money Bill (under Article 110). It is introduced in the Lok Sabha. Once passed there, it is sent to the Rajya Sabha, which has limited powers regarding Money Bills (it must return the bill within 14 days).
Parliamentary Approval: It must be passed (or deemed passed) by both Houses of Parliament.
Presidential Assent: Under Article 111 of the Constitution, a Bill does not become an Act until it receives the formal assent (signature) of the President of India. Once the President signs it, it is published in the Official Gazette as the Finance Act.
Why other options are incorrect:
A) & B): Passing the Houses is a necessary step, but the process is incomplete without the President's signature.
D) Prime Minister: The Prime Minister is the head of the government, but the constitutional authority to sign Bills into Acts rests solely with the President (the Head of State).
Answer verified by Quintessence Classes faculty — Karan Nagar, Srinagar.