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Which of the following are the essential requirements for a person to be appointed as a member of Finance Commission? 1. A supreme Court judge or one qualified to be appointed as such 2. A person having wide experience in financial matters and administration 3. A person having special knowledge of economics Select the correct answer using the code given below:

Which of the following are the essential requirements for a person to be appointed as a member of Finance Commission? 1. A supreme Court judge or one qualified to be appointed as such 2. A person having wide experience in financial matters and administration 3. A person having special knowledge of economics Select the correct answer using the code given below: Correct Answer 2 and 3 only

The correct answer is option 3, i.e 2 and 3 only.

  • Finance Commission:
    • The Finance Commission is a constitutional body.
    • The Finance Commission was constituted to recommend the distribution of the net proceeds of taxes between the Centre and states, and among the states.
    • It was established under Article 280 of the Indian Constitution.
    • The Commission was constituted for every five years by the President.
    • The Commission consists of five members including the chairperson.
    • As of July 2020, Nand Kishore Singh was the current chairperson of 15th Finance Commission.
    • The Chairman of the Commission shall be selected from among persons who have had experience in public affairs, and the four other members shall be selected from among persons who- 
      • have been, or are qualified to be appointed as Judges of a High Court; or
      • have special knowledge of the finances and accounts of Government; or
      • have had wide experience in financial matters and in administration; or
      • have special knowledge of economics.
 

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Which of the following statements is/are correct about the Finance Commission of India? 1. The eligibility of members of the Finance Commission is determined by the President. 2. The First Finance Commission was constituted in 1951. 3. The President of India constitutes the Finance Commission every 5 years. 4. Chairman of Finance Commission submits his report to the Parliament of India.
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