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● Statement 1 is incorrect: The constitution doesn't explicitly mention the term of the members of the finance commission. It only puts an obligation on the President to constitute a 5 member Finance Commission by order at the expiration of every fifth year or earlier. However, according to THE FINANCE COMMISSION (MISCELLANEOUS PROVISIONS) ACT, 1951 every member of the Commission shall hold office for such period as may be specified in the order of the President. Thus, there is no fixed term of office for members of the Finance Commission ● Statement 2 is correct: THE FINANCE COMMISSION (MISCELLANEOUS PROVISIONS) ACT, 1951 stipulates that the chairperson of the commission shall be selected from among persons who have had experience in public affairs. According to the act, the four other members shall be selected from among persons who : are, or have been, or are qualified to be appointed as Judges of a High Court; or have special knowledge of the finances and accounts of Government; or have had wide experience in financial matters and in administration; or ● Statement 3 is incorrect: the constitution is silent on whether or not the members of the finance commission are eligible for reappointment. However, according to Section 6 of the act (mentioned above), every member of the Commission shall be eligible for reappointment. Extra edge by PW OnlyIas 15th finance commission: • It has recommended maintaining the vertical devolution at 41% - the same as in its interim report for 2020-21. It is at the same level of 42% of the divisible pool as recommended by the 14th Finance Commission. It has made the required adjustment of about 1% due to the changed status of the erstwhile State of Jammu and Kashmir. • For Horizontal Devolution, refer to the infographic here.
A person earn 25% profit on the marked price. If he tripled the marked price but gave 40% discount on the new marked price then how much percentage of p...
An item's label price is 40% more than its original price. The shopkeeper manages to earn 30% profit on it. If the label price exceeds the sale price by...
A shopkeeper sets the sale price of an item at 50% above the cost price. He then offers a 25% discount on the market price. What is his percentage profit?
58 notebooks have been purchased at the rate of 1 Rs. How many notebooks should be sold at the rate of Rs 1 to earn 45% profit?
A spent 26% of his monthly income on study and 55% of the remaining on rent. If amount spent on rent is Rs. 2035, then find the amount spent on study
Manav bought a laptop and sold it at a profit of 10%. Had he bought it for Rs. 500 less and sold it for Rs. 550 more, he would have earned a profit of 5...
Find the profit percentage earned on a school bag if it was sold at Rs.1746 after offering a discount of 10% and the marked price of a school bag is Rs....
The cost price of two dozen donuts is Rs. 120. After selling 18 donuts at the rate of Rs. 72 per dozen, the shopkeeper reduced the rate and sold the rem...
