Consider the following statements:
1. A Money Bill can only be introduced in the Lok Sabha with prior permission of the President, while a Finance Bill can be introduced in either house of Parliament.
2. A Money Bill is defined under Article 110 of the Constitution, whereas a Finance Bill is defined under Article 117.
Which of the above statements is/are correct?
1
1 only
2
2 only
3
Both 1 & 2
4
Neither 1 nor 2