■ FINANCE COMMISSION
∆Article 280 of the Constitution of India provides for a Finance Commission as a quasi judicial body.
∆It is constituted by the president of India every fifth year or at such earlier time as he considers necessary.
■ COMPOSITION OF FINANCE COMMISSION
∆The Finance Commission consists of a chairman and four other members to be appointed by the president. They hold office for such period as specified by the president in his order. They are eligible for reappointment.
∆The Constitution authorises the Parliament to determine the qualifications of members of the commission and the manner in which they should be selected.
∆Accordingly, the Parliament has specified the qualifications of the chairman and members of the commission.
∆The chairman should be a person having experience in public affairs and the four other members should be selected from amongst the following:
• A judge of high court or one qualified to be appointed as one.
• A person who has specialised knowledge of finance and accounts of the government.
• A person who has wide experience in financial matters and in administration.
• A person who has special knowledge of economics.
