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Finance Commission of India – Chairman List, Functions and 15th Finance Commission

Finance Commission of India

The Finance Commission is a constitutional body. Finance Commission is constituted by the President of India under Article 280 of the Indian Constitution. It’s primary function is to define the financial relations between the central government of India and the individual state governments. It was first formed in 1951.

Finance Commission of India in Hindi

Composition of Finance Commission

It comprises of a Chairman who had public affairs experience and Four Members. The Parliament determines the qualifications of the members of the Commission and their selection methods. The 4 members should be or have been qualified as High Court judges, or be knowledgeable in finance or experienced in financial matters and are in administration, or possess knowledge in economics. All the appointments are made by the President of India.

Finance Commission Functions

It shall be the duty of the Finance Commission to make recommendations to the President in relation to the:
• Distribution of ‘net proceeds’ of taxes between Center and the States, to be divided as per their respective contributions to the taxes.
• Determine factors governing Grants-in-Aid to the states and the magnitude of the same.
• To make recommendations to the president as to the measures needed to augment the Fund of a State to supplement the resources of the panchayats and municipalities in the state on the basis of the recommendations made by the finance commission of the state.
• Any other matter related to it by the president in the interest of sound finance.

15th Finance Commission

The 15th Finance Commission was constituted in 2017. Its recommendations will cover a period of five years from the year 2021-22 to 2025-26.

Finance Commission Chairman
It is chaired by N. K. Singh, a former member of the Planning Commission.

Largest State in India

Important Days and Dates

National Symbols of India

Preamble of Indian constitution

Preamble of Indian constitution

State Finance Commission

The State Finance Commission (SFC) is created by the 73rd and 74th Constitutional Amendments (CAs) to rationalize and systematize fiscal relations in at local level in India.

• Article 243I of the Constitution mandated the State Governor to constitute a Finance Commission every five years.

Article 243Y of the Constitution states that the Finance Commission constituted under article 243 I shall also review the financial position of the Municipalities and make recommendations to the Governor.

However, States have not been setting up their SFCs regularly as mandated by the constitutional amendment.

Seating Arrangement Questions

States and Capitals

Union Territories in India

Finance Commission Chairman List

15 Finance Commissions have been appointed so far. Here are the names of Chairmans of these commissions:

First K.C. Neogy
Second K. Santhanam
Third A.K. Chanda
Fourth Dr. P.V. Rajamannar
Fifth Mahavir Tyagi
Sixth Brahamananda Reddy
Seventh J.M. Shelat
Eighth Y.B. Chavan
Ninth  N.K.P. Salve
Tenth K.C. Pant
Eleventh A.M. Khusro
Twelfth Dr. C. Rangarajan
Thirteenth  Dr. Vijay Kelkar
Fourteenth Y.V. Reddy
Fifteenth N.K Singh

Finance Commission – FAQs

Q. Which article provides for creation of Finance Commission?

Ans. Article 280

Q. How many Finance Commissions have been constituted till now?
Ans. 15
Q. Who is the chairman of the 15th Finance Commission?

Ans. NK Singh

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