Monday 5 June 2017

THE FINANCE COMMISSION OF INDIA

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Article 280: Finance commission
        Finance commission of India is a constitutional body which is constituted by POI for every 5 years or early. FCI consists of Chairman and 4 other members.
        The chairman of FCI should have the knowledge of public affairs. One member should have all the qualification of judge of HC, second member should be expert in economics, third member should be expert in financial administration and fourth member must be auditor and account.
 
Functions of FCI:
1)   Finance commission of India makes recommendations regarding the division of revenues between center and state.
2)   FCI makes recommendations regarding grant in aid to the states under article 275 from the consolidated fund of India.
3)   It also makes recommendations with respect to allocation of resources to local governments under 73rd, 74th amendments.
4)   It also gives suggestions or advice to POI on all financial matters which are referred to it.
All the functions of FCI are advisory in nature that means center may accept or may not accept. It acts as a buffer between center and state governments.

So far 14 Finance Commissions have been appointed which are as follows:
FC
Year of Establishment
Chairman
Operational Duration
1st
1951
K. C. Neogy
1952–57
2nd
1956
K. Santhanam
1957–62
3rd
1960
A. K. Chanda
1962–66
4th
1964
P. V. Rajamannar
1966–69
5th
1968
Mahaveer Tyagi
1969–74
6th
1972
K. Brahmananda Reddy
1974–79
7th
1977
J. M. Shelat
1979–84
8th
1983
Y. B. Chavan
1984–89
9th
1987
N. K. P. Salve
1989–95
10th
1992
K. C. Pant
1995–2000
11th
1998
A. M. Khusro
2000–2005
12th
2002
C. Rangarajan
2005–2010
13th
2007
Dr. Vijay L. Kelkar
2010–2015
14th
2013
Dr. Y. V Reddy
2015–2020

Article 281: Recommendations of the finance commission

        Finance commission of India submits its report or recommendations to POI under article 281.
 

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