![]() ![]() Parliament may by law determine the requisite qualifications for appointment as members of the commission and the procedure of selection.The President will constitute a finance commission within two years from the commencement of the Constitution and thereafter at the end of every fifth year or earlier, as deemed necessary by him/her, which shall include a chairman and four other members.K.Singh, a former member of the Planning Commission.Īrticle 280 of the Indian Constitution defines the scope of the commission: The most recent Finance Commission was constituted in 2017 and is chaired by N.As per the constitution, the commission is appointed every five years and consists of a chairman and four other members.Individual commissions operate under the terms of reference which are different for every commission, and they define the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.Fifteen Finance Commissions have been constituted since the promulgation of Indian Constitution in 1950.The First Commission was established in 1951 under The Finance Commission (Miscellaneous Provisions) Act, 1951.The Commissions define the financial relations between the central government of India and the individual state governments.The Finance Commissions are periodically constituted by the President of India under Article 280 of the Indian Constitution.The Centre is yet to make up its mind on the terms of reference that may be prescribed for it. It will recommend the formula for sharing revenues between the Centre and the States for the five-year period beginning 2026-27.The Union government is gearing up to constitute the Sixteenth Finance Commission in November this year.Disclaimer: Copyright infringement not intended.
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