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Consider the following statements regarding Union Finance Commission.
1. The Finance commission submits its report to the union Finance minister.
2. The recommendations made by the Finance Commission are binding on the government.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Consider the following statements regarding Union Finance Commission.1...
Introduction:
The Union Finance Commission is a constitutional body that is appointed by the President of India every five years. It has the responsibility of making recommendations to the President on various financial matters. In this context, let us analyze the given statements regarding the Union Finance Commission.
Statement 1: The Finance commission submits its report to the union Finance minister.
This statement is incorrect. The Finance Commission submits its report to the President of India, not the Union Finance Minister. The Commission presents its report to the President, and it is laid before both Houses of Parliament. The report contains recommendations on the distribution of tax proceeds between the Union and the States, grants-in-aid to States, and other financial matters.
Statement 2: The recommendations made by the Finance Commission are binding on the government.
This statement is also incorrect. The recommendations made by the Finance Commission are not binding on the government. The government is not legally obligated to implement the recommendations. However, the government generally accepts and implements the recommendations of the Finance Commission as they play a crucial role in the distribution of financial resources between the Union and the States.
Conclusion:
In conclusion, both statements given in the question are incorrect. The Finance Commission submits its report to the President of India, not the Union Finance Minister. Additionally, the recommendations made by the Finance Commission are not binding on the government, though they are generally accepted and implemented. The Finance Commission plays a vital role in ensuring fiscal federalism by making recommendations that aim to achieve a fair and equitable distribution of financial resources between the Union and the States.
The Union Finance Commission is a constitutional body that is appointed by the President of India every five years. It has the responsibility of making recommendations to the President on various financial matters. In this context, let us analyze the given statements regarding the Union Finance Commission.
Statement 1: The Finance commission submits its report to the union Finance minister.
This statement is incorrect. The Finance Commission submits its report to the President of India, not the Union Finance Minister. The Commission presents its report to the President, and it is laid before both Houses of Parliament. The report contains recommendations on the distribution of tax proceeds between the Union and the States, grants-in-aid to States, and other financial matters.
Statement 2: The recommendations made by the Finance Commission are binding on the government.
This statement is also incorrect. The recommendations made by the Finance Commission are not binding on the government. The government is not legally obligated to implement the recommendations. However, the government generally accepts and implements the recommendations of the Finance Commission as they play a crucial role in the distribution of financial resources between the Union and the States.
Conclusion:
In conclusion, both statements given in the question are incorrect. The Finance Commission submits its report to the President of India, not the Union Finance Minister. Additionally, the recommendations made by the Finance Commission are not binding on the government, though they are generally accepted and implemented. The Finance Commission plays a vital role in ensuring fiscal federalism by making recommendations that aim to achieve a fair and equitable distribution of financial resources between the Union and the States.
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Consider the following statements regarding Union Finance Commission.1. The Finance commission submits its report to the union Finance minister.2. The recommendations made by the Finance Commission are binding on the government.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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