Question 61

Which of the following statements are correct?
A. Finance Commission is a constitutional body, constituted by the President under Article 280 of the Constitution.
B. The First Finance Commission was constituted under the chairmanship of K.C. Niyogi.
C. The 15th Finance Commission for the period 2020-25 was constituted with N.K. Singh as chairman.
D. The R Chelliah Committee was constituted in 1994 to suggest reforms in the banking system.
Choose the correct answer from the options given below:

Solution

A. Finance Commission is a constitutional body, constituted by the President under Article 280 of the Constitution. This is CORRECT. It is a constitutional body established under Article 280 of the Indian Constitution. The President of India is mandated to constitute a Finance Commission every five years or at such earlier time as he considers necessary.

B. The First Finance Commission was constituted under the chairmanship of K.C. Niyogi. This is CORRECT. It was formed in 1951, and its chairman was K.C. Niyogi. This commission set the precedent for the transfer of resources from the Union to the States.

C. The 15th Finance Commission for the period 2020-25 was constituted with N.K. Singh as chairman. This is CORRECT. It was formed in 2017 to make recommendations for the period 2020-2021 and subsequently in 2021-2026, with N.K. Singh as chairman.

D. The R Chelliah Committee was constituted in 1994 to suggest reforms in the banking system. This is NOT CORRECT. It was formed in 1991 to suggest reforms in India's tax structure (direct and indirect taxes), not the banking system.

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