What is the primary purpose of the Finance Commission of India?

To prepare the national budget.

To distribute tax proceeds between the central and state governments.

To oversee the functioning of the Reserve Bank of India.

To regulate trade and commerce in the country.

How often is the Finance Commission of India constituted?

Whenever there is a change in the government.

What qualifications are required for the Chairman of the Finance Commission of India?

Specialized knowledge of finance and accounts.

What is the advisory nature of the recommendations made by the Finance Commission?

The recommendations are legally binding on the government.

The government is not required to consider the recommendations.

The government must implement all recommendations.

The government can consider recommendations but is not obligated to follow them.

Which organization replaced the Planning Commission in India?

National Institution for Transforming India (NITI Aayog).

Securities and Exchange Board of India (SEBI).

Apart from revenue distribution, what is one of the mandates of the 15th Finance Commission?

Assess the impact of education policies.

Suggest a roadmap for agricultural development.

Assess the impact of Goods and Services Tax (GST) on revenues.

Recommend measures for wildlife conservation.

What is the primary responsibility of the Finance Commission with regard to tax proceeds?

Collect tax proceeds from states.

Distribute tax proceeds between the Centre and states.

Determine tax rates for different states.

Invest tax proceeds in the stock market.

In what manner does the Finance Commission submit its recommendations to the President?

Privately to the Prime Minister.

By publishing them in newspapers.

Finance Commission Free MCQ Practice Test with Solutions

	Lucent for GK 624 videos\|779 docs\|415 tests

	Lucent for GK 624 videos\|779 docs\|415 tests

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