In the context of the Finance Commission of India consider the following statements 1 The Commission...........

Indian Polity Constitutional Bodies

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In the context of the Finance Commission of India, consider the following statements:

1. The Commission has all the powers of a civil court.

2. Arvind Panagariya is the chairperson of the 15th Finance Commission.

3. The Constitution requires the Finance Commission to be set up every five years or earlier.

Which of the statements given above is/are correct?

1 only

2 and 3 only

1 and 3 only

1, 2 and 3

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Explanation:

The Union Cabinet approved the setting up of the 15th Finance Commission under Mr. N.K. Singh (former MP and Secretary, Government of India). The Constitution requires the Finance Commission to be set up every five years or earlier. The Commission will make recommendations for the five year period from 2020 to 2025.