With respect to ldquo Fifteenth Finance Commission rdquo consider the following statements It has be...........

Indian Polity Constitutional Bodies

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With respect to “Fifteenth Finance Commission”, consider the following statements:

It has been constituted under the chairmanship of Vijay L. Kelkar in pursuance of Finance Commission (Miscellaneous Provisions) Act, 1951.
President may by law determine the qualifications which shall be requisite for appointment as members of the Commission and the manner in which they shall be selected.

Which of the statements given above is/are correct?

1 only

2 only

Both

None

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Explanation:

Statement 1 is incorrect: The Fifteenth Finance Commission has been constituted under the chairmanship of N. K. Singh by the President in 2017 in pursuance of clause (1) of article 280 of the Constitution and Finance Commission (Miscellaneous Provisions) Act, 1951.

The Commission has to submit its recommendations by 30 th November, 2019 for the period 2020-2025 commencing 1st April, 2020.

Finance Commission (Article 280)-The President shall, within two years from the commencement of this Constitution and thereafter at the expiration of every fifth year or at such earlier time as the President considers necessary, by order constitute a Finance Commission which shall consist of a Chairman and four other members to be appointed by the President.

Statement 2 is incorrect: Parliament may by law determine the qualifications which shall be requisite for appointment as members of the Commission and the manner in which they shall be selected.