Finance Commissions [Central & States]

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Which among the following is the constitutional body appointed by the president, every five years to review centre state financial relationships?

Finance Commission

Inter State Commission

Inter State Council

Zonal Council

Who among the following determines the qualifications which shall be requisite for appointment as members of the Finance Commission in India?

President of India

Council of Ministers

Parliament by an act

Union Cabinet

The provision for having a Finance Commission to sort out the revenue-sharing arrangement between states and the Centre is part of the Constitution under which among the following articles?

Article 275

Article 280

Article 282

Article 285

The Chairman of the Finance Commission is the ex-officio Chairman of:

Monetary Policy Committee
Tax Policy Council
Tax Policy Research Unit (TPRU)

Select the correct answer from options given below:

1 & 3 Only

2 Only

2 & 3 Only

None

Which of the following statements is an incorrect statement about Finance Commission?

It lays down the principles that govern the grants-in-aid to the states by the Centre

It suggest the measures needed to augment the consolidated fund of a state and to supplement the resources of the panchayats and the Municipalities in the state

It sets interest rates, which determine the cost of borrowing and the return on savings

The Chairperson and four other members of Finance Commission are appointed by the President