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.
| Finance Commissions Appointed | |||
|---|---|---|---|
| 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. Rajamannarr | 1966-69 |
| Fifth | 1968 | Mahaveer Tyagi | 1969-74 |
| Sixth | 1972 | K. Brahmananda Reddy | 1974-79 |
| Seventh | 1977 | J.M. Shellet | 1979-84 |
| Eighth | 1983 | Y. B. Chavan | 1984-89 |
| Ninth | 1987 | N.K.P. Salve | 1989-95 |
| Tenth | 1992 | Late shri K.C Pant | 1995-2000 |
| Eleventh | 1998 | A.M.Khusro | 2000-2005 |
| Twelfth | 2003 | C.Rangarajan | 2005-2010 |
| Thirteenth | 2007 | Vijay Kelkar | 2010-2015 |
| Fourteenth | 2012 | Y. Venugopal Reddy | 2015-2020 |
Who among the following is the chairman of the 14th Finance Commission?
Y. V. Reddy
The government announced the constitution of the 14th Finance Commission under
the chairmanship of former RBI Governor Y. V. Reddy. The five- member panel is to
submit its report by October 31, 2014. Apart from its recommendations on the
sharing of tax proceeds between the Centre and the States which will apply for a
five-year period beginning April 1, 2015, the Commission has been asked to suggest
steps for pricing of public utilities such as electricity and water in an independent
manner and also look into issues like disinvestment, GST compensation, sale of
non-priority PSUs and subsidies.
The Finance Commission has been asked to submit its report by October 31, 2014.
Finance Commission, a constitutional body, is set up every five years.
Besides other things, the Commission lays down principles governing the grants-in-aid to states and other local bodies for a five-year period beginning April 1, 2014.
FINANCE COMMISION IS CONSTITUTED BY PRESIDENT EVERY FIVE YEARS.
FC CONSIST OF ONE CHAIRMAN AND FOUR OTHER MEMBERS
K.C.PANT IS THE -----CHAIRMAN OF FC
FC REPORT IS SUBMITTED TO PRESIDENT
13TH FINANCE COMMISION HAS BECOME OPERATIONAL DURING THE PERIOD--2010-15
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