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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. 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 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 and not political science Hence statement 3 is incorrect and statements 1 and 2 are correct.

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