According to the Constitution of India, a bill is deemed to be a Money Bill if it contains provisions dealing solely with which of the following matters? 1. Imposition, alteration, or regulation of any tax. 2. Regulation of the borrowing of money by the Central Government. 3. Custody of the Consolidated Fund of India or the Contingency Fund of India. 4. Imposition of fines, licenses, or fees for local purposes. Select the correct answer using the code given below:

Explanation

Under Article 110 of the Constitution of India, a bill is deemed to be a Money Bill if it deals with the imposition, abolition, remission, alteration, or regulation of any tax (Statement 1); regulation of borrowing of money by the Central Government (Statement 2); and custody of the Consolidated Fund or the Contingency Fund of India (Statement 3). However, Article 110(2) specifies that a bill shall not be deemed a Money Bill by reason only that it provides for the imposition of fines, fees for licenses or services, or taxes by local authorities for local purposes. Thus, Statement 4 is incorrect.