Finance Commission of India

·  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
See also:
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