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?

● 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.