FINANCE COMMISSION

15 Points

  1. Article 280

  2. Responsibilities : article 281

  3. state finance commission : article 243 (1)

  4. 5 years tenure

  5. formed after 2 years of formation of constitution.

  6. thereafter formed on every 5th year

  7. 1 chairman + 4 members = 5 members

  8. chairman (finance commissioner) must have experience of public affairs

  9. members must have knowledge of economics + would be eligible to be high court judges

  10. 1st FC : 1951-> commencement -1952-57 -> chairman-> K.C Neogi

  11. current FC: 15th -> Nov, 2017 -> chairman - Nand Kishore singh -> H.Q-Delhi

  12. Minister Responsible:

Nirmala Sitaraman - finance minister

Anurag Thakur- Dy. finance minister (of state)

13. give advise to President on Tax etc (that tax which is shared between union and state)

14. members can be reappointed

15. Appointed by president.


TEST YOURSELF:

Q.1 Finance commission comes under the article:

a) art. 240 b)art.281 c)art. 280


Q.2 who is your finance minister ?

a) Nirmala Sitaraman b) Anurag Thakur c) Arun jaitely


Q.3 what was the date of commencement of first finance commission?

a) 1951-56 b) 1952-57 c) 1952-58


Q.4 who is our current finance commissioner ?

--------------------


Q.5 What is article 243 (1) ?

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