Finance Commission of India
According to Article 280 of the Constitution, the President constitutes a Finance Commission once every 5 years. This commission recommends how the sources of revenue should be shared between the Center and the states.
Constitution of Finance Commission
The Finance Commission consists of a Chairman and 4 members. He is appointed by the President for a term of 5 years. Parliament decides the qualifications of the Speaker and the members. A person with experience in public affairs is appointed as Chairman. A judge of the High Court or a person qualified to be a judge, having special knowledge in public finance, having extensive experience in finance and administration and having special knowledge in economics, shall be appointed as members.
Function:
The Finance Commission performs the following functions.
1. Advises the President regarding the distribution of revenue between the Center and the States.
2. According to which rules the Center advises the President as to the grain assistance to the States from the Consolidated Fund of India.
3. Advises the President on any matter he may ask to maintain sound financial position.
The President presents the report submitted by the Commission to the Parliament. The central government can accept or reject the recommendations of this commission.
Here is the list of Chairman from 1951 to 2025
| Finance Commission | Years of Establishment | Chaiman list | Duration |
|---|---|---|---|
| 1 | 1951 | K.C.Neogy | 1952-57 |
| 2 | 1956 | K Santhanam | 1957-62 |
| 3 | 1960 | A.K.Chanda | 1962-66 |
| 4 | 1964 | P.V>Rajamannar | 1966-69 |
| 5 | 1968 | Mahaveer Tyagi | 1969-74 |
| 6 | 1972 | K. brahmananda Reddy | 1974-79 |
| 7 | 1977 | J.M Shelat | 1979-84 |
| 8 | 1983 | Y.B Chavan | 1984-89 |
| 9 | 1987 | N.K.P Salve | 1989-95 |
| 10 | 1992 | K.C Pant | 1995-00 |
| 11 | 1998 | A.M. Khusro | 2000-05 |
| 12 | 2002 | C.Rangarajan | 2005-10 |
| 13 | 2007 | Dr.Vijay L.Kelkar | 2010-15 |
| 14 | 2013 | Dr.Y.V.Reddy | 2015-20 |
| 15 | 2017 | N.k Singh | 2020-25 |
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