45 Finance Commission Article 280 of the Constitution of India provides for a Finance Commission as a quasi judicial body. It is constituted by the president of India every fifth year or at such earlier time as he considers necessary.
COMPOSITION The Finance Commission consists of a chairman and four other members to be appointed by the president. They hold office for such period as specified by the president in his order. They are eligible for reappointment. The Constitution authorises the Parliament to determine the qualifications of members of the commission and the manner in which they should be selected. Accordingly, the Parliament has specified the qualifications of the chairman and members of the commission1.
The chairman should be a person having experience in public affairs and the four other members should be selected from amongst the following: 1. A judge of high court or one qualified to be appointed as one 2. A person who has specialised knowledge of finance and accounts of the government. 3. A person who has wide experience in financial matters and in administration. 4. A person who has special knowledge of economics