Finance commission chairman

Finance Commission is a constitutional body. Historically there was a provision that within two years after the commencement of the • • • • Composition of Finance Commission Finance Commission has a chairman and four other members who shall be appointed by the president of India. The first chairman of the Finance Commission was K.C Neogy. The 15th Finance Commission is headed by former revenue secretary and former Rajya Sabha member, N.K Singh. Qualification of Members of Finance Commission The parliament has set the qualifications for the members to be appointed for Finance Commission- 1. The chairman of the Finance Commission must be a person having experience in public affairs. 2. Four other members of the Finance Commission should be selected from the following- I. A person should be a judge of a high court or qualified to be appointed as one. II. A person who possesses specialised knowledge of finance and accounts of the government. III. A person who has extensive experience in administration and financial matters. IV. A person who is specialized in the field of economics. Functions of Finance Commission Finance Commission is required to make recommendations to the president on the following matters- 1. The distribution of net proceeds of taxes to be shared and allocated between the centre and the states. 2. The rules for the centre that govern the grants and aid to the states by the centre. The amount which centre allocates from the consolidated fund of India. 3. To ...

The Financial Commission is Composed of the chairman and four additional members. The chairman oversees and directs the committee’s operations and should have prior experience in public affairs. The qualifications and process of selection of Commission members are legally determined by the Parliament. These 4 members should be qualified as – judges of the Supreme Court, have knowledge in finance, economics, or experience in financial matters, and be in administration. Composition of the Finance Commission The It was established to describe the Center’s financial relationships with the states. It was founded in 1951. Qualification of Members of the Finance Commission • The four members should be or be qualified to be • All appointments are made by the country’s president. Disqualification of Members of the Finance Commission • If there is an issue of interest, it is unsound to be involved in an infamous deed. • The Indian President determines the tenure of the Finance Commission members, who are sometimes reappointed. • Members must serve on the Commission part-time or as planned by the Chair. • The terms of the constitution determine the remuneration of a member. Summary: What is the Composition of the Finance Commission? The Composition of Finance Commission is of the chairperson and four other members on the finance committee. Finance Commission is a constitutional body that is established to allocate revenue resources between the State governments and the Union governme...

15th Finance Commission (XV- FC or 15- FC) is a constitutional body established in November 2017. The 15th Finance Commission recommendations will cover a period of five years from the year 2021-22 to 2025-26. Under Article 280 of the Constitution, the President of India must constitute a Finance Commission five years or earlier. The 15th Finance Commission, chaired by Mr. N. K. Singh, was required to submit two reports. The first report, consisting of recommendations for the financial year 2020-21, was tabled in Parliament in February 2020. The final report with recommendations for the 2021-26 period was tabled in Parliament on February 1, 2021. 15th Finance Commission is a constitutional body in India responsible for recommending the distribution of financial resources between the central government and the state governments. It plays a crucial role in determining the sharing of taxes, grants, and other fiscal matters, with the aim of promoting cooperative federalism in the country. Understanding the functioning and recommendations of the Finance Commission is vital for aspirants preparing for the UPSC exam, enabling them to grasp the intricacies of India’s economic structure and governance mechanisms. Table of content • 1. Finance Commission • 2. Recommendations of the 15th Finance Commission • 3. Members of 15th Finance Commission • 4. Difference Between Vertical and Horizontal Devolution • 5. Importance of 15th Finance Commission • 6. Concerns Regarding the 15th Finan...

The Finance Commissions ( Vitta Āyoga) are commissions periodically constituted by the Article 280 of the The History [ ] As a federal nation, India suffers from both vertical and horizontal Several provisions to bridge the fiscal gap between the centre and the states were already enshrined in the [ citation needed] Article 280 of the Indian Constitution defines the scope of the commission: • The President will constitute a finance commission within two years from the commencement of the Constitution and thereafter at the end of every fifth year or earlier, as deemed necessary by him/her, which shall include a chairman and four other members. • Parliament may by law determine the requisite qualifications for appointment as members of the commission and the procedure of selection. • The commission is constituted to make recommendations to the president about the distribution of the net proceeds of taxes between the Union and States and also the allocation of the same among the States themselves. It is also under the ambit of the finance commission to define the financial relations between the Union and the States. They also deal with the devolution of unplanned revenue resources. Functions [ ] • 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 mea...

Nand Kishore Singh is an Indian politician, economist and former On 27 November 2017, He is currently on the board of He is believed to be one of the people involved in the Early life and Career [ ] Born in Following that, he has held the following positions: • Member, State Secretariat, Finance Department (1968–69) • Under Secretary, Ministry of Commerce (1969–73) • Special Assistant to Commerce Minister (1973–77) • Represented India at GATT, UNACTD, UN and the Common Wealth Secretariat. • Chairman, Bihar State Electricity Board • Special Assistant to the former President • First Minister, Economic and Commercial, Indian Embassy, Japan (1981–85) • Additional Finance Commissioner, Principal Secretary Industries and Industrial Development Commissioner, Bihar (1986–90) • Joint Secretary Police (Ministry of Home Affairs) (1990–91) • Joint Secretary, Department of Economic Affairs (Ministry of Finance) (1991–93) • First Chairman UNGEF (United Nations Global Environment Facility) (1993–94) • Secretary, Department of Economic Affairs (1993–95) • Secretary, Department of Expenditure (1995–96) • Revenue Secretary (1996–98) • Secretary to former PM • Member Planning Commission (2001–06) • Deputy Chairman, Bihar State Planning Board (2006–08) • Member of Parliament to the Rajya Sabha (2008–14) • President of Tax Reforms [ ] As Revenue Secretary (July 1996 – August 1998), he oversaw the Task Force on Telecom [ ] He has also served as the Secretary, Task Force on Telecommunications an...