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● Statement 1 is incorrect: The constitution doesn't explicitly mention the term of the members of the finance commission. It only puts an obligation on the President to constitute a 5 member Finance Commission by order at the expiration of every fifth year or earlier. However, according to THE FINANCE COMMISSION (MISCELLANEOUS PROVISIONS) ACT, 1951 every member of the Commission shall hold office for such period as may be specified in the order of the President. Thus, there is no fixed term of office for members of the Finance Commission ● Statement 2 is correct: THE FINANCE COMMISSION (MISCELLANEOUS PROVISIONS) ACT, 1951 stipulates that the chairperson of the commission shall be selected from among persons who have had experience in public affairs. According to the act, the four other members shall be selected from among persons who : are, or have been, or are qualified to be appointed as Judges of a High Court; or have special knowledge of the finances and accounts of Government; or have had wide experience in financial matters and in administration; or ● Statement 3 is incorrect: the constitution is silent on whether or not the members of the finance commission are eligible for reappointment. However, according to Section 6 of the act (mentioned above), every member of the Commission shall be eligible for reappointment. Extra edge by PW OnlyIas 15th finance commission: • It has recommended maintaining the vertical devolution at 41% - the same as in its interim report for 2020-21. It is at the same level of 42% of the divisible pool as recommended by the 14th Finance Commission. It has made the required adjustment of about 1% due to the changed status of the erstwhile State of Jammu and Kashmir. • For Horizontal Devolution, refer to the infographic here.
Who is the Minister of Defence?
What percentage of India's foreign exchange reserves was held in gold as of March 2024?
The 2nd phase of 36 ‘Saansad Khel Mahakumbh 2022-23’ has been inaugurated in which district of the state Uttar Pradesh?
In which of the following planets, the formation of Phosphine is being discovered by the scientists of Cardiff University, Wales?
According to 2011 census, what is the Population Density of Uttar Pradesh?
In the Republic Day Parade, 2023 which state’s tableaux has been adjudged the best one?
The Indo-US joint military exercise 'Yudh Abhyas' will be performed for the two weeks near the Line of Actual Control (LAC), it will be _____ edition?
Which of the following Indian states has become the first state in India to reach 10 GW of cumulative large-scale solar installations?
According to population figures from July 2011, has the child sex ratio increased or decreased in rural areas compared to urban areas?
Kolkata-based filmmaker Abu Sohel Khondekar's short film "Mehroon" won a special jury mention at which film festival?