What is the Composition of the Finance Commission?
By BYJU'S Exam Prep
Updated on: November 9th, 2023
The Financial Commission is Composed of the chairman and four additional members. The chairman oversees and directs the committee’s operations and should have prior experience in public affairs. The qualifications and process of selection of Commission members are legally determined by the Parliament. These 4 members should be qualified as – judges of the Supreme Court, have knowledge in finance, economics, or experience in financial matters, and be in administration.
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Composition of the Finance Commission
The Finance Commission is a constitutional authority tasked with allocating particular revenue streams between the Union and state governments. The President of India formed it under Article 280 of the Indian Constitution.
It was established to describe the Center’s financial relationships with the states. It was founded in 1951.
Qualification of Members of the Finance Commission
- The four members should be or be qualified to be Supreme Court judges, have finance expertise or experience in financial elements, be in administration, or have knowledge of economics.
- All appointments are made by the country’s president.
Disqualification of Members of the Finance Commission
- If there is an issue of interest, it is unsound to be involved in an infamous deed.
- The Indian President determines the tenure of the Finance Commission members, who are sometimes reappointed.
- Members must serve on the Commission part-time or as planned by the Chair.
- The terms of the constitution determine the remuneration of a member.
Summary:
What is the Composition of the Finance Commission?
The Composition of Finance Commission is of the chairperson and four other members on the finance committee. Finance Commission is a constitutional body that is established to allocate revenue resources between the State governments and the Union government. The Chairman is in charge of the Commission’s actions and should have prior expertise in public affairs. The qualifications of the Commission’s members and their selection methods are legally determined by the Parliament.
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