Question
Consider the following statements about Finance
Commission: 1. The Finance Commission is constituted under Article 280 of the Constitution. 2. The Constitution specifically mentioned the qualification of chairman and members of the commission. 3. The report of the commission has to be laid before the Parliament by the president. Which of the above statement(s) is/are correct?Solution
● Statement 1 is correct: Article 280 of the Constitution provides that the President shall constitute the Finance Commission at every five years or at such earlier time as he considers necessary. ● Statement 2 is incorrect: The Constitution does not provide for qualification of chairperson and members of the commission and authorises the Parliament to determine the qualifications of members of the commission. Parliament has enacted The Finance Commission (Miscellaneous Provisions) Act, 1951 for this purpose. ● Statement 3 is correct: Article 281 provides that the President causes every recommendation made by the Finance Commission with explanatory memorandum as to the action taken thereon to be laid before the parliament.
Which organization recently received approval from the Reserve Bank of India (RBI) to commence asset reconstruction operations in the fiscal year 2024-2...
How many new districts, including Meluri, have been created in Nagaland over the last three years?
What was India’s emphasis during the COP29 negotiations in Baku, Azerbaijan, regarding climate finance?
What is the key focus of Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan's visit to India in 2024?
According to the norms formulated by RBI,a penalty, if charged for non-compliance with the material terms and conditions of the loan contract by the bor...
What unique feature does the UMEED portal assign to each registered Waqf property?
Which bank has partnered with HDFC Life to offer life insurance products to its customers & to deliver a host of benefits to customers seeking financial...
The PM SVANidhi Scheme has been extended till?
In the Namo Drone Didi Scheme, which committee is responsible for monitoring operations and ensuring the quality of services provided through drones?
What is the primary goal of the Indo-US Task Force for Electronics, recently launched by the India Cellular and Electronics Association (ICEA)?