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Correct Option is None of the above

Finance Commission is a constitutional body for the purpose of allocation of certain revenue resources between the Union and the State Governments. It was established under Article 280 of the Indian Constitution by the Indian President. It was created to define the financial relations between the Centre and the states. It was formed in 1951. The Constitution authorizes the Parliament to determine the qualifications of members of the commission and manner in which they should be selected. The chairman should be a person having experience in public affairs Qualifications of members of the commission Hence statement 1 is incorrect. 1. A judge of the high court or one qualified to be appointed as one 2.A person who has specialized knowledge of finance and accounts of the government. 3.A person who has wide experience in financial matters and in administration 4.A person who has special knowledge of economics The recommendations made by the Finance Commission are only of advisory nature and hence, not binding on the government. Hence statement 2 is incorrect.

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