FINANCE COMMISSION
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Finance Commission, provided nether article 280 of the Constitution of India, is a quasi-judicial trunk which is constituted past times the President of Republic of Republic of India every 5th yr or at such an before fourth dimension equally he considers necessary.
The Constitution of Republic of Republic of India envisages the Finance Commission equally the “Balancing Wheel of Fiscal Federalism” inward India.
Finance Commission consists of a chairman in addition to iv other members ( they are eligible for reappointment ), to hold out appointed past times the President.
The Parliament enacted the Finance Commission Act inward 1951, specifying the qualifications of the Chairman in addition to the members of the Commission.
QUALIFICATIONS OF THE CHAIRMAN AND THE MEMBERS OF THE FINANCE COMMISSION
The Chairman of the Finance Commission should hold out a individual having sense inward populace affairs.
The members of the Finance Commission should hold out selected from with the next :
- A approximate of the High Court or 1 qualified to hold out appointed equally one.
- A individual who has specialised cognition of finance in addition to accounts of the Government.
- A individual who has exceptional cognition of Economics.
- A individual who has broad sense inward fiscal matters in addition to inward administration.
FUNCTIONS OF THE FINANCE COMMISSION
The Finance Commission is required to brand recommendations to the President of Republic of Republic of India on the next matters :
- The distribution of the cyberspace proceeds of taxes to hold out shared betwixt the Centre in addition to the States.
- The principles which should regulation the Grant-in-Aid to U.S. of A. of America past times the Centre out of the Consolidated Fund of India.
- The measures needed to growth the Consolidated Fund of a State to heighten the resources of the Panchayats in addition to the Municipalities inward the State on the footing of the recommendations made past times the State Finance Commission.
[ The inward a higher house component ( component seat out three ) is added past times the 73rd in addition to 74th Constitutional Amendment Act of 1992. ]
Any other affair referred to the Finance Commission past times the President inward the involvement of audio finance.
The Commission submits its written report to the President. The President, in addition to then lays the written report before both the Houses of the Parliament along with an explanation equally to the actions taken on its recommendations.
The recommendations made past times the Finance Commission are solely of advisory nature in addition to hence, non binding on the government.
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