Regarding Money Bill, which of the following statements is not correct?

The correct option (the statement that is not correct) is:
A Money Bill is concerned with the appropriation of moneys out of the Contingency Fund of India.

Explanation:

Under Article 110 of the Constitution of India, a bill is deemed to be a Money Bill if it deals exclusively with matters such as:

1. The imposition, abolition, remission, alteration, or regulation of any tax.
2. The regulation of the borrowing of money or the giving of any guarantee by the Government of India.
3. The custody of the Consolidated Fund of India or the Contingency Fund of India, the payment of moneys into or the withdrawal of moneys from any such Fund.
4. The appropriation of moneys out of the Consolidated Fund of India (not the Contingency Fund of India).

Therefore, saying that a Money Bill is concerned with the appropriation of moneys out of the Contingency Fund of India is incorrect. Appropriations are specifically made out of the Consolidated Fund of India through an Appropriation Bill.