The Finance Commission is a constitutional body that recommends how tax revenues collected by the Central government should be distributed among the Centre and various States in the country. The Centre, however, is not legally bound to implement the suggestions made by the Finance Commission.2 days ago
Who is the father of Finance Commission in India?
Ans. Dr. Bhim Rao Ambedkar propounded the notion of having the Finance Commission in India on 22nd November 1951. It is governed under The Finance Commission (Miscellaneous Provisions) Act of 1951.
Which is the latest Finance Commission?
Finance Commission Year of establishment Chairman
—————— ——————— ——————-
Thirteenth 2007 Dr. Vijay L. Kelkar
Fourteenth 2013 Dr. Y. V Reddy
Fifteenth 2017 N. K. Singh
Sixteenth 2023 Arvind Panagariya
What is the 16th Finance Commission of India?
The story so far: The 16th Finance Commission (FC) has begun its work, established under Article 280 of the Indian Constitution, primarily focusing on the devolution of the consolidated fund. Since the 73rd and 74th constitutional amendments, local bodies have gained significant recognition within the federal system.Jul 2, 2024
How many members are there in Indian Finance Commission?
The correct answer is 4. The Commission has appointed every five years and consists of a chairman and four other members. The Finance Commissions are commissions periodically constituted by the President of India under Article 280 of the Indian Constitution.
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