Banking Exams Exam  >  Banking Exams Questions  >   Which of the following statements is/are cor... Start Learning for Free
Which of the following statements is/are correct about the Finance Commission of India?
1. The eligibility of members of the Finance Commission is determined by the President.
2. The First Finance Commission was constituted in 1951.
3. The President of India constitutes the Finance Commission every 5 years.
4. Chairman of Finance Commission submits his report to the Parliament of India.
  • a)
    1 and 2 only
  • b)
    2 and 3 only
  • c)
    3 and 4 only
  • d)
    1 and 4 only
  • e)
    1 and 3 only
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Which of the following statements is/are correct about the Finance Co...
The President of India constitutes the Finance Commission every 5 years. So, Statement 3 is correct.
The first Finance Commission was constituted in 1951. So, Statement 2 is correct.
The eligibility of members of the Finance Commission is determined by the Parliament of India. So, Statement 1 is incorrect.
Chairman of Finance Commission submits his report to the President of India. So, Statement 4 is incorrect.
Composition: Chairman and 4 members.
  • ​They make recommendations on
  • net proceeds distribution between union and state.
  • grant-in-aid from CFI (Consolidated Fund of India).
  • Principles and measures needed for augmentation of CFS (Consolidated Fund of State).
Resources to panchayats and municipalities.
Any other matter referred to the commission by President in the interest of sound finance.
Procedure and powers are defined by parliament law.
Hence, the correct option is (B).
Explore Courses for Banking Exams exam

Similar Banking Exams Doubts

Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer?
Question Description
Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? for Banking Exams 2024 is part of Banking Exams preparation. The Question and answers have been prepared according to the Banking Exams exam syllabus. Information about Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Banking Exams 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer?.
Solutions for Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Banking Exams. Download more important topics, notes, lectures and mock test series for Banking Exams Exam by signing up for free.
Here you can find the meaning of Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer?, a detailed solution for Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? has been provided alongside types of Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Which of the following statements is/are correct about the Finance Commission of India?1. The eligibility of members of the Finance Commission is determined by the President.2. The First Finance Commission was constituted in 1951.3. The President of India constitutes the Finance Commission every 5 years.4. Chairman of Finance Commission submits his report to the Parliament of India.a)1 and 2 onlyb)2 and 3 onlyc)3 and 4 onlyd)1 and 4 onlye)1 and 3 onlyCorrect answer is option 'B'. Can you explain this answer? tests, examples and also practice Banking Exams tests.
Explore Courses for Banking Exams exam

Top Courses for Banking Exams

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev