Which of the following statements with regard to the constitution of Finance Commission is/are correct ?
- 1. The Government of India has recently constituted the Sixteenth Finance Commission under the Chairmanship of Dr. Arvind Panagariya.
- 2. Finance Commission is constituted in pursuance to Article 263 of the Constitution of India.
Select the answer using the code given below :
1 only
2 only
Both 1 and 2
Neither 1 nor 2
Answer is Wrong!
Answer is Right!
This question was previously asked in
UPSC NDA-1 – 2024
2. The Finance Commission is constituted by the President of India every fifth year or earlier as deemed necessary, under the provisions of Article 280 of the Constitution of India. Article 263 deals with the provisions relating to an Inter-State Council for coordinating between States. So, statement 2 is incorrect.