The Finance Commission constituted by the President pursuant to clause (1) of article 280 of the Constitution. It was formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. As per the Constitution, the commission is appointed every five years and consists of a chairman and four other members.
Candidates who are attending for competitive examinations may face some of the questions from finance commission in general awareness section hence you are recommended to study this material for your better performance.
Qualifications for appointment as, and the manner of selection of, members of the 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—
(a) are, or have been, or are qualified to be appointed as Judges of a High Court; or
(b) have special knowledge of the finances and accounts of Government; or
(c) have had wide experience in financial matters and in administration; or
(d) have special knowledge of economics.
The questions from finance commission in general awareness section study this material is given below:
| Finance Commission | Chairman | Estb on | Operational Duration |
|
I |
K C Nyogi | 1951 | 1952-57 |
|
II |
K Santhanam | 1956 | 1957-62 |
|
III |
A K Chanda | 1960 | 1962-66 |
|
IV |
P V Rajamannar | 1964 | 1966-69 |
|
V |
Mahaveer Tyagi | 1968 | 1969-74 |
|
VI
|
Brahmanand Reddy | 1972 | 1974-79 |
|
VII |
J M Sheliet | 1977 | 1979-84 |
|
VIII |
Y B Chavan | 1983 | 1984-89 |
|
IX |
N K P Salve | 1987 | 1989-95 |
|
X |
K C Pant | 1992 | 95-2000 |
|
XI |
A M Khusro | 1998 | 2000-05 |
|
XII |
C Rangarajan | 2003 | 2005-10 |
|
XIII |
Vijay L Kelkar | 2007 | 2010-15 |
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