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Finance Commission (Doubt Destroyer) (In Hindi).
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Learn everything about Finance Commission.

Rahul Agrawal is teaching live on Unacademy Plus

Rahul Agrawal
The Ultimate Doubt Destroyer on Unacademy. One of the Top Educator on the Unacademy platform. Famous for Doubt destroyer series.

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explain nhi kr paye sir shi se kuch khas smjh me nhi aaya
Constitution nhi parliament decide krta hai no. of members
K.C Neogy is the chairman of first finance commission.
  1. Constitutional bodies for UPSE CSE PRELIMS: 2018 -By Rahul Agrawal


  2. Finance Commission R. AGRAWAL


  3. Constitutional body- article 280 Also a quasi judicial body Constituted by president of India every (5th year) R. AGRAWAL


  4. Composition of Finance Commission: The Constitution provides that Finance Commission shall consist of a Chairman and four other members to be appointed by President. " They are eligible for reappointment. The Constitution authorizes Parliament to make provisions related to qualifications, conditions of service of members or powers of Finance Commission. So Parliament enacted Finance Commission Act in 1951 to determine provisions related to qualifications or disqualifications, conditions of service or miscellaneous powers to perform functions provided under constitution. R. AGRAWAL


  5. Qualifications: " The Chairman shall have vast experience in Public affairs Other four members shall be selected among persons Who a) have qualifications as par with a judge of HC, b) has special knowledge of Finance and Accounts of govt, c) have vast experience in financial matters d) have special knowledge of economics. R. AGRAWAL


  6. The Union Cabinet has approved the setting up of the 15th Finance Commission. Article 280(1) of the Constitution lays down that a Finance Commission (FC) should be constituted "...within two years from the commencement of this Constitution and thereafter at the expiration of every fifth year or at such earlier time as the President considers necessary...".In keeping with this requirement, the practice has generally been to set up next Finance Commission within five years of the date of setting up of the previous Finance Commission. The Centre also announced that the Fifteenth Finance Commission would be headed by former Secretary to the government of India N.K. Singh The panel, will make recommendations for the five years beginning April 1, 2020, The other members of the commission, are former economic affairs secretary Shaktikanta Das and former chief economic adviser Ashok Lahiri, Niti Aayog member Ramesh Chand and Georgetown University professor Anoop Singh R.AGRAWAL


  7. Functions: The Finance Commission is required to make recommendations to the president of India on the following matters: The distribution of the net proceeds of taxes to be shared between the Centre and the states, and the allocation between the states of the respective shares of such proceeds. The principles that should govern the grants-in-aid to the states by the Centre (i.e., out of the consolidated fund of India) The measures needed to augment the consolidated fund of a state to supplement the resources of the panchayats and the municipalities in the state on the basis of the recommendations made by the state finance commission. Any other matter referred to it by the president in the interests of sound finance. - - R. AGRAWAL


  8. Short & crisp- FINANCE COMMISSION R. AGRAWAL


  9. Established on 22nd November 1951. Formed to describe the financial relations between centre & state. The recommendations of the Commission together with an explanatory memorandum as to the action taken by the Government on them are laid before each house of Parliament. The Commission has to assess the increase in the Consolidated Fund of a state to affix the resources of the Panchayat in the state. The Commission has been given passable powers to perform its function and within its area of activity. It has all the powers of the Civil Court as per the Code of Civil Procedure, 1908. It can call any witness, or can ask for the production of any public record or document from any court or office. It can ask any person to give information or document on matters as it may feel to be useful or relevant. It can function as a civi R. AGRAWAL court in discharging its duties.


  10. Advisory Role The recommendations made by the Finance Commission are only of advisory nature and hence, not binding on the government. It is up to the Union government to implement its recommendations on granting money to the states. It is nowhere laid down in the Constitution that the recommendations of the commission shall be binding upon the Government of India or that it would give rise to a legal right in favour of the beneficiary states to receive the money recommended to be offered to them by the Commission. R. AGRAWAL