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1. Which one of the following statements about Finance Commission of India is True ?
A. It is a Statutory body
B. It is a Constitutional body
C. It is a executive body
D. None of the above
ANSWER: B.It is a Constitutional body
SOLUTION : The Finance Commission is a constitutional body for the purpose of allocation of certain revenue resources between the Union and the State Governments. It was established under Article 280 of the Indian Constitution by the Indian President.
2. The Finance Commission is constituted by the President of India under __________.
A. Article 262
B. Article 315
C. Article 280
D. Article 261
ANSWER:C.Article 280
SOLUTION: The Finance Commission is constituted by the President under article 280 of the Constitution, mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
3. What is function of Finance Commission?
A. Recommendation for budget
B. Financial cooperation between states
C. Financial grants to vulnerable section
D. Recommendations on distribution of tax revenues
ANSWER : D.Recommendations on distribution of tax revenues
SOLUTION:The Finance Commission is constituted by the President under article 280 of the Constitution, mainly to give its recommendations on distribution of tax revenues between the Union and the States and amongst the States themselves.
4. Who appoints the Finance Commission of India ?
A. Prime Minister
B. President
C. Finance Minister
D. The Council of Ministers
ANSWER: B.President
SOLUTION: The Finance Commission is appointed by the President under Article 280 of the Constitution.
5. Which one of the following is not the qualification of Finance Commission?
A. Qualified to be appointed as Judge of a High Court
B. Special knowledge of the finances
C. Special Knowledge of economics
D. Three years practice advocate of High Court
ANSWER: D.Three years practice advocate of High Court
SOLUTION:Three years practice advocate of High Court
6. When was the first Finance Commission constituted?
A. 1951
B. 1955
C. 1960
D. 1961
ANSWER: A.1951
SOLUTION: The First Finance Commission was constituted vide Presidential Order dated 22nd November 1951 under the chairmanship of Shri K.C. Neogy on 6th April 1952. Sixteen Finance Commissions have been constituted so far at intervals of every five years.
7. Who was the first Finance Commission?
A. Y.V.Reddy
B. J.P.Kripalani
C. K.C.Neogy
D. Acharya Dev
ANSWER:C.K.C.Neogy
SOLUTION:The First Finance Commission of India was appointed in 1951, for the period 1952-57 by the President of India and was chaired by K. C. Neogy.
8. Who is appointed as chairman of current 15th Finance Commission?
A. Raghuram Rajan
B. Urjit Patel
C. Y.V. Reddy
D. N.K. Singh
ANSWER: D.N.K. Singh
SOLUTION:This Commission will be headed by Shri. N.K. Singh, former Member of Parliament and former Secretary to the Government of India.
9. What is the 15th Finance Commission report title?
A. Finance Commission in Health Emergency
B. Finance Commission in Nature Calamities
C. Finance Commission in COVID Times
D. Finance Commission in Pandemic
ANSWER:C.Finance Commission in COVID Times
SOLUTION: Finance Commission in COVID Times
10. The Finance Commission is constituted for a period of ________.
A. 3 years
B. 5 years
C. 7 years
D. 9 years
ANSWER: B.5 years
SOLUTION:
The President of India constitutes the Finance Commission every five years or on time considered necessary by him.