The Finance Commission of India came into existence in 1951.
It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define the financial relations between the centre and the state.
The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.
As per the Constitution, the commission is appointed every five years and consists of a chairman and four other members. Since the institution of the first finance commission, stark changes have occurred in the Indian economy causing changes in the ....
