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Which of the following statements is not correct in respect of the Financial Commission?
- a)Finance Minister is the ex-officio Chairperson of the Finance Commission.
- b)The President of India appoints a Finance Commission every five years.
- c)Finance Commission is constituted under article 280 of the Indian constitution.
- d)Finance Commission recommendations are only advisory and not binding.
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Which of the following statements is not correct in respect of the Fi...
Under Article 280 of the Constitution, the President appoints a Finance Commission every five years. It is a constitutional body. However, its recommendations, called awards, are only advisory in nature and not binding on Central and State governments. After the 73rd and 74th amendments, Finance Commissions are required to recommend steps to supplement resources of local bodies also.
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The latest Finance Commission was set up on November 27, 2017, under the chairmanship of N. K. Singh. This is the 15th Finance Commission.
Hence, the correct option is (A).
Most Upvoted Answer
Which of the following statements is not correct in respect of the Fi...
The Financial Commission is a constitutional body that is constituted by the President of India every five years under Article 280 of the Indian Constitution. Its primary function is to recommend the distribution of tax revenue between the Centre and the States. The correct statement out of the given options is option 'A', which states that the Finance Minister is the ex-officio Chairperson of the Finance Commission.
Explanation:
Role of Finance Minister in the Finance Commission
The Finance Minister is not the ex-officio Chairperson of the Finance Commission. The Chairperson of the Finance Commission is appointed by the President of India. The Chairperson is usually a person who has served as a judge of the Supreme Court or as a high court judge or as a distinguished economist. The Finance Minister has no role in the appointment of the Chairperson of the Finance Commission.
Appointment of the Finance Commission
The President of India appoints a Finance Commission every five years under Article 280 of the Indian Constitution. The Finance Commission comprises a Chairperson and four other members who are appointed by the President. The members of the Finance Commission are usually experts in finance, economics, and related fields.
Functions of the Finance Commission
The Finance Commission recommends the distribution of tax revenue between the Centre and the States. It also recommends the principles that govern the grants-in-aid to the States. The Finance Commission plays a crucial role in ensuring fiscal federalism in India.
Advisory Role of the Finance Commission
The Finance Commission recommendations are advisory in nature and not binding on the Government. However, the Government usually accepts the recommendations of the Finance Commission as it is an independent and unbiased body.
Conclusion
In conclusion, the correct statement out of the given options is option 'A', which states that the Finance Minister is the ex-officio Chairperson of the Finance Commission. The Finance Minister has no role in the appointment of the Chairperson of the Finance Commission. The Finance Commission is a constitutional body that plays a crucial role in ensuring fiscal federalism in India.
Explanation:
Role of Finance Minister in the Finance Commission
The Finance Minister is not the ex-officio Chairperson of the Finance Commission. The Chairperson of the Finance Commission is appointed by the President of India. The Chairperson is usually a person who has served as a judge of the Supreme Court or as a high court judge or as a distinguished economist. The Finance Minister has no role in the appointment of the Chairperson of the Finance Commission.
Appointment of the Finance Commission
The President of India appoints a Finance Commission every five years under Article 280 of the Indian Constitution. The Finance Commission comprises a Chairperson and four other members who are appointed by the President. The members of the Finance Commission are usually experts in finance, economics, and related fields.
Functions of the Finance Commission
The Finance Commission recommends the distribution of tax revenue between the Centre and the States. It also recommends the principles that govern the grants-in-aid to the States. The Finance Commission plays a crucial role in ensuring fiscal federalism in India.
Advisory Role of the Finance Commission
The Finance Commission recommendations are advisory in nature and not binding on the Government. However, the Government usually accepts the recommendations of the Finance Commission as it is an independent and unbiased body.
Conclusion
In conclusion, the correct statement out of the given options is option 'A', which states that the Finance Minister is the ex-officio Chairperson of the Finance Commission. The Finance Minister has no role in the appointment of the Chairperson of the Finance Commission. The Finance Commission is a constitutional body that plays a crucial role in ensuring fiscal federalism in India.
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Which of the following statements is not correct in respect of the Financial Commission?a)Finance Minister is the ex-officio Chairperson of the Finance Commission.b)The President of India appoints a Finance Commission every five years.c)Finance Commission is constituted under article 280 of the Indian constitution.d)Finance Commission recommendations are only advisory and not binding.Correct answer is option 'A'. Can you explain this answer?
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Which of the following statements is not correct in respect of the Financial Commission?a)Finance Minister is the ex-officio Chairperson of the Finance Commission.b)The President of India appoints a Finance Commission every five years.c)Finance Commission is constituted under article 280 of the Indian constitution.d)Finance Commission recommendations are only advisory and not binding.Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following statements is not correct in respect of the Financial Commission?a)Finance Minister is the ex-officio Chairperson of the Finance Commission.b)The President of India appoints a Finance Commission every five years.c)Finance Commission is constituted under article 280 of the Indian constitution.d)Finance Commission recommendations are only advisory and not binding.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is not correct in respect of the Financial Commission?a)Finance Minister is the ex-officio Chairperson of the Finance Commission.b)The President of India appoints a Finance Commission every five years.c)Finance Commission is constituted under article 280 of the Indian constitution.d)Finance Commission recommendations are only advisory and not binding.Correct answer is option 'A'. Can you explain this answer?.
Which of the following statements is not correct in respect of the Financial Commission?a)Finance Minister is the ex-officio Chairperson of the Finance Commission.b)The President of India appoints a Finance Commission every five years.c)Finance Commission is constituted under article 280 of the Indian constitution.d)Finance Commission recommendations are only advisory and not binding.Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Which of the following statements is not correct in respect of the Financial Commission?a)Finance Minister is the ex-officio Chairperson of the Finance Commission.b)The President of India appoints a Finance Commission every five years.c)Finance Commission is constituted under article 280 of the Indian constitution.d)Finance Commission recommendations are only advisory and not binding.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is not correct in respect of the Financial Commission?a)Finance Minister is the ex-officio Chairperson of the Finance Commission.b)The President of India appoints a Finance Commission every five years.c)Finance Commission is constituted under article 280 of the Indian constitution.d)Finance Commission recommendations are only advisory and not binding.Correct answer is option 'A'. Can you explain this answer?.
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