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Define finance commission9/14/2023 Qualification of Finance Commission Members It is to be noted that they are also eligible for being reappointed to the Finance Commission by the President. In India the Finance Commission is composed of a total of five members of which one is the Chairman of the Finance Commission and the other four members of the Finance Commission who are appointed by the President of India. The Act determines the qualifications requisite for appointment as members of the Finance Commission and the manner in which they shall be selected, and to prescribe their powers.Ĭomposition of Finance Commission of India Under NK Singh and recommended the share of states in the central taxes for the 2021-26 period is recommended to be 41%, (14 th FC recommendation was 42%)įinance Commission (Miscellaneous Provision) Act 1951 Important Facts on Finance Commission of IndiaĬhairman + 4 members appointed by Presidentġ5 th Finance Commission (2021-22 to 2025 -2026) Finance Commission is a quasi-judicial body which recommends the Indian President in matters related to financial distribution between union and state government by demarcating the set of formulas and mechanisms as needed to the situation in the country and Constitution. The Finance Commission of India has been mentioned under Part XII, Chapter I (Finance) in Articles 280 and 281 of the Indian Constitution. At present 15 th Finance Commission has been constituted for the period of 2021 – 2026 under the chairmanship of NK Singh. The Finance Commission is constituted by the Indian President after every five years. One of the sections of the Constitution that talks about the Constitutional Bodies and Finance Commission of India is one of the constitutional bodies in the Indian Constitution. Composition of Finance Commission of Indiaįinance Commission: Constitution of India is one of the lengthiest written constitutions. UPSC Geo Scientist Eligibility Criteria.UPSC EPFO Previous Year Question Papers.
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