Which of the following statements is/are correct about the Finance Com

1.	Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.1. 1 and 2 only2. 2 and 3 only3. 3 and 4 only4. 1 and 4 only
Answer» Correct Answer - Option 2 : 2 and 3 only The correct answer is 2 and 3 only. The President of India constitutes the Finance Commission every 5 years. Hence, Statement 3 is correct. The first Finance Commission was constituted in 1951. Hence, Statement 2 is correct. The eligibility of members of the Finance Commission is determined by the Parliament of India. Hence, Statement 1 is incorrect. Chairman of Finance Commission submits his report to the President of India. Hence, Statement 4 is incorrect. Composition: Chairman and 4 members. They make recommendations on net proceeds distribution between union and state. grant-in-aid from CFI (Consolidated Fund of India). Principles and measures needed for augmentation of CFS (Consolidated Fund of State). Resources to panchayats and municipalities. Any other matter referred to the commission by President in the interest of sound finance. Procedure and powers are defined by parliament law. Current Finance Commission: 15^th Chairperson: Nand Kishore Singh

Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.1. 1 and 2 only2. 2 and 3 only3. 3 and 4 only4. 1 and 4 only

Answer» Correct Answer - Option 2 : 2 and 3 only

The correct answer is 2 and 3 only.

The President of India constitutes the Finance Commission every 5 years. Hence, Statement 3 is correct.
The first Finance Commission was constituted in 1951. Hence, Statement 2 is correct.
The eligibility of members of the Finance Commission is determined by the Parliament of India. Hence, Statement 1 is incorrect.
Chairman of Finance Commission submits his report to the President of India. Hence, Statement 4 is incorrect.
Composition: Chairman and 4 members.
They make recommendations on
- net proceeds distribution between union and state.
- grant-in-aid from CFI (Consolidated Fund of India).
- Principles and measures needed for augmentation of CFS (Consolidated Fund of State).
- Resources to panchayats and municipalities.
- Any other matter referred to the commission by President in the interest of sound finance.
Procedure and powers are defined by parliament law.