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As per Article 280(1) of the Constitution, the Finance Commission is to be constituted:
Every four years or earlier
Every three years
Every five years or earlier
Every seven years or earlier
Every three years
Article 280 of the Indian Constitution mandates the President of India to constitute a Finance Commission at the expiration of every five years or at such earlier time as the President considers necessary. Although the provided answer key suggests 'Every three years', the constitutional mandate explicitly specifies 'Every five years or earlier'.
Article 280 of the Indian Constitution mandates the President of India to constitute a Finance Commission at the expiration of every five years or at such earlier time as the President considers necessary. Although the provided answer key suggests 'Every three years', the constitutional mandate explicitly specifies 'Every five years or earlier'.
Article 280 of the Indian Constitution establishes the Finance Commission as a quasi-judicial body to oversee federal fiscal relations.
The Finance Commission is a constitutional body formed by the President of India.
It consists of a Chairman and four other members appointed by the President.
The primary role is to suggest the distribution of net tax proceeds between the Centre and the States.
The 16th Finance Commission is chaired by Dr. Arvind Panagariya.
The qualifications and the manner of selection of the members are determined by the Parliament through the Finance Commission (Miscellaneous Provisions) Act, 1951.
Option C is the legally correct answer according to the text of the Constitution of India, despite the error in the official answer key provided.
C is correct тАФ Article 280(1) mandates that the Finance Commission shall be constituted at the expiration of every fifth year or at such earlier time as the President considers necessary.
When studying the Finance Commission, always link it with Article 275 (Grants-in-aid) and the 73rd/74th Constitutional Amendment Acts, which require the State Finance Commission to be constituted at the state level.