Finance Commission of India

Finance Commission of India:

-The Finance Commission of India came into existence in 1951.

-Article 280 of the Constitution of India deals with Finance Commission as a quasi judicial body.

-It was established under Article 280 of the Indian Constitution by the President of India.

-It was formed to define the financial relations between the centre and the state.

-The commission is appointed by President every fifth year or at such earlier time as he considers necessary.

-It consists of a chairman and four other members.

-They hold office for such period as specified by the President in his order.

-They are eligible for reappointment.