Current Affairs Question - 26 March 2020

Explanation :

• Gudhi Padwa is a spring-time festival that marks the traditional New Year for Marathi and Konkani Hindus celebrated in and near Maharashtra and Goa on the first day of the Chaitra month to mark the beginning of the New year according to the lunisolar Hindu calendar.
• The word Padwa comes from the Sanskrit word pratipada, which refers to the first day of a lunar fortnight.
• The festival is observed with colorful floor decorations called rangoli, a special Gudhi flag (garlanded with flowers, mango and neem leaves, topped with upturned silver or copper vessel), street processions, dancing and festive foods,
• Cheti Chand is a festival that marks the beginning of the Hindu New Year for Sindhi Hindus.
• The date of the festival is based on the lunar cycle of the lunisolar Hindu calendar, falling on the first day of the year, in the Sindhi month of Chet (Chaitra).
• It typically falls in late March or early April in the Gregorian calendar on or about the same day as Gudi Padwa in Maharashtra and Ugadi in other parts of the Deccan region of India.
• Navreh is a Hindu Festival, which is celebrated by the Kashmiri Pandits as the New Year's Day.

Explanation :

• As per Article 110 of the Constitution of India, the Finance Bill is a Money Bill.
• The Finance Bill is a part of the Union Budget, stipulating all the legal amendments required for the changes in taxation proposed by the Finance Minister.
• This Bill encompasses all amendments required in various laws pertaining to tax, in accordance with the tax proposals made in the Union Budget.
• The Finance Bill, as a Money Bill, needs to be passed by the Lok Sabha — the lower house of the Parliament.
• Post the Lok Sabha’s approval, the Finance Bill becomes Finance Act.

Difference between a Money Bill and the Finance Bill

• A Money Bill has to be introduced in the Lok Sabha as per Section 110 of the Constitution. Then, it is transmitted to the Rajya Sabha for its recommendations.
• The Rajya Sabha has to return the Bill with recommendations in 14 days. However, the Lok Sabha can reject all or some of the recommendations.