Consider the following statements about Finance Commission: 1.  It is set up by Finance Ministry 2.  It consists of a chairman and four other members appointed by the President. 3.  Recently government has started the process of constitution of the Sixteenth Finance Commission How many of the above statements are not correct?

The government has initiated the formation of the Sixteenth Finance Commission The Finance Commission is established by the President under Article 280 of the Constitution. It is typically constituted at the conclusion of every fifth year, or at an earlier time if deemed necessary by the President. The Commission comprises a Chairman and four additional members appointed by the President It's important to note that the recommendations of the Finance Commission are advisory in nature and not binding on the government