Which of the following statements is correct with regard to Finance Commission 1 It assists th...........

Indian Polity Constitutional Bodies

Which of the following statements is correct with regard to Finance Commission?

1. It assists the Parliament to scrutinize the CAG reports.

2.Finance Commission’s recommendations are binding on the Government.

3.The Constitution mandates that the Chairman of the Commission must be a High Court Judge or one qualified to be so.

4.President is required to lay down the recommendations of the commission and action taken on these before the Parliament.

1 only

2 only

3 only

4 only

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Explanation:

Finance Commission recommend the procedures and principles guiding the distribution of financial resources between the Union and the States. Its recommendations are not binding on the government. Article 280 provides for the appointment by the President of a Finance Commission consisting of a Chairman and four members every five years. According to the Finance Commission (Miscellaneous Provisions) Act, 1951 passed to supplement the Constitutional provisions, the chairman of the commission must be a person having experience in public affairs. A High Court Judge or one qualified to be appointed as such will serve as one of its members.