· The Finance Commission of India came into existence in 1951.
· It was established under Article 280 of the Indian Constitution by
the President of India.
· It was formed to define the financial relations between the centre and
the state.
· The Finance Commission Act of 1951 states the terms of qualification,
appointment and disqualification, the term, eligibility and powers of the
Finance Commission.
· As per the Constitution, the commission is appointed every five years
and consists of a chairman and four other members
· Till date, Fourteen Finance Commissions have submitted their reports.
Qualifications
of the members:
The Chairman of the Finance Commission is
selected among people who have had the experience of public affairs. The other
four other members are selected from people who:
1. Are, or have been, or are qualified, as judges of High Court, or
2. Have knowledge of Government finances or accounts, or
3. Have had experience in administration and financial expertise; or
4. Have special knowledge of economics
Every member of Finance Commission will be in office for
the time period as specified in the order of the president, but is eligible
for reappointment provided he has, by means of a letter addressed to the
president, resigned his office.
|
List of 14 Finance Commissions which
have been appointed so far-
Finance Commission
|
Year of Establishment
|
Chairman
|
Operational Duration
|
First
|
1951
|
K. C.
Neogy
|
1952–57
|
Second
|
1956
|
K.
Santhanam
|
1957–62
|
Third
|
1960
|
A. K. Chanda
|
1962–66
|
Fourth
|
1964
|
P.
V. Rajamannar
|
1966–69
|
Fifth
|
1968
|
Mahaveer
Tyagi
|
1969–74
|
Sixth
|
1972
|
K. Brahmananda Reddy
|
1974–79
|
Seventh
|
1977
|
J. M. Shelat
|
1979–84
|
Eighth
|
1983
|
Y. B.
Chavan
|
1984–89
|
Ninth
|
1987
|
N.
K. P. Salve
|
1989–95
|
Tenth
|
1992
|
K. C. Pant
|
1995–2000
|
Eleventh
|
1998
|
A. M.
Khusro
|
2000–2005
|
Twelfth
|
2002
|
C.
Rangarajan
|
2005–2010
|
Thirteenth
|
2007
|
Dr.
Vijay L. Kelkar
|
2010–2015
|
Fourteenth
|
2013
|
Dr. Y. V Reddy
|
2015–2020
|
