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Correct Option is Only 3

Article 280 of the Constitution of India provides for a Finance Commission as a quasi-judicial body. It is constituted by the president of India every fifth year or at such earlier time as he considers necessary. 1. Finance Commission consists of a chairman and four other members to be appointed by the President. They hold office for such period as specified by the President in his order. They are eligible for reappointment. 2. The chairman should be a person having experience in public affairs and the members should be selected from amongst the following– (a) A judge of the high court or one qualified to be appointed as one. (b) A person who has specialized knowledge of finance and accounts of the government. (c) A person who has wide experience in financial matters and administration. (d) A person who has special knowledge of economics. Hence statements 1 and 2 are correct and statement 3 is incorrect.

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