Chapter 42: FINANCE COMMISSION
this every five years or earlier if necessary. It a quasi
judicial body under Article 280. Recommendations of the
finance commission are not binding.
Fourteenth finance commission under V. Y. Reddy submitted
report on 2014
implementation time is 2015-2020.
has chairman and four members appointed by the president.
Their term is decided
by the president and they are eligible for re appointment.
authorises parliament to decide qualification of members.
chairman to be a person of experience in public affairs.
Other members should
be selected from amongst following:
of HC or one qualified to be appointed as one.
with specialised knowledge of finance and accounts.
with experience in financial matters and administration.
with specialised knowledge of economics.
of net proceeds of tax between centre and states and
allocation of it between
governing grants in aid to states from centre
needed to augment consolidated fund of states to
supplement resources of
panchayats and municipality as recommended by State
other matter specified to it by president in interest of
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