FINANCE COMMISSION FINANCE CQ ION DIA Constitution of India
Finance commission 1.lt is a constitutional body 2.Comes under article 280 3.Constituted by President 4.Quasi-judicial body SSION DIA
Composition 1.Appointed by President. 2. Hold office period as specified by the president 3.Eligible for reappointment CONSIST OF : CHAIRMANFOUR OTHER MEMBERS
QUALIFICATIONS Chairman should be having work experience of public affairs and four other members should be selected from amongst following points: 1 A judge of high court or one qualified to be appointed as one 2.A person having specialised knowledge of finance and accounts of government. 3.A person having experience in financial matters and in administration. 4. A person has special knowledge of economics one emment sed knowiedge of finance and
FUNCTIONS Make recommendations to president on following basis: 1.Distribution of tax share between centre and state. 2.The principles that should govern the grants in aid to the states by centre (from consolidated fund of India) 3.Measured needed to augument consolidated fund of a state to supplements resources of panchayats and municipalities in state on basis of recommendations made by state finance commission 4.Any other matter referred to it by president in interest of sound finance. Commission submits it report to the president. He lays report before both the houses of the parliament It is now laid down in constitution that recommendations of commission shall be binding upon government of India
IMPACT OF PLANNING COMMISSION 1.Finance commission as the balancing wheel of fiscal federalism in India. 2.Role in the centre-state fiscal relations has been undermined by the emergence of planning commission , a non constitutional ,non statutory govt 3.In article 275 to grants in aid revenues of state is not confined to revenue expenditure only 4. Five years plan as prepared by the planning commission. 5.While the principles governing the distribution of the plan grants will be set out by the finance commission , the application of these principles from year to year will be left to the planning commission and the government.
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