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Is planning commission constitutional body?
Planning Commission is a non-Constitutional (not created by the Constitution) and non-statutory(not created by an Act of Parliament) body. It was created in 1950 by Govt. Of India by an executive resolution. Finance Commission, which does a similar work, is a Constitutional body. The appointment of Planning Commission has overshadowed the work and importance of Finance Commission.
Does finance commission work under planning commission?
Since there is no Central Planning Commission or Finance Commission in the US I assume you ask this question in reference to India. The answer in the Indian context is No. The Finance Commission is a constitutional body while the Planning Commission is not statutory and merely an advisory body. While some of their functions overlap, by and large the Finance Commission focuses on non-plan revenues (administrative costs of government etc) and expenditure while the Planning Commission focuses on plan expenditure (social schemes and infrastructure).
Five year plan in india is finally approved by?
The highest body which approves the Five-Year Plan in India is National Development Council
Is finance commission a statutory body?
No.. finance comission is a constitutional body and not a statutory body. A statutory body is formed by an act of parliament and can be removed by majority voting while for a constitutional body, it is mentioned in the constitution of india and can't be removed by majority voting.
How is finance commission related with planning commission?
The Finance Commission of India came into existence in 1951. The Finance commission is established under article 280 of the Indian Constitution of India by the President of India. The Indian Finance Commission Act was passed to give a structured format to the Finance Commission of India as per the world standard. The need for the Finance Commission was felt by the British for guiding the finance of India. The structure of the modern Act was laid in the early 1920's. The Finance Commission is formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 tells about the qualification, appointment, term, eligibility, disqualification, powers etc of the Finance Commission.Functions Of The Finance CommissionThe Finance Commission's duty is to recommend to the President as to-The distribution of net proceeds of taxes between the Union and the States.To evaluate the increase in the Consolidated Fund of a state to affix the resources of the Panchayat in the state.To evaluate the increase in the Consolidated Fund of a state to affix the resources of the Municipalities in the state.Implementation Of The Recommendation Of Finance CommissionThe recommendation of the Finance Commission are implementedBy an order of the President or by executive orders.Powers of the Commission:The Finance Commission has the following powers:The Commission shall have all the powers of the Civil Court as per the Code of Civil Procedure, 1908.It can call any witness, or can ask for the production of any public record or document from any court or office.It can ask any person to give information or document on matters as it may feel to be useful or relevant.It can function as a civil court in discharging its duties.Qualifications for appointment and the manner of selection:The Chairman of the Finance Commission is selected among persons who have had the experience of public affairs, and four other members are selected among persons whoAre, or have been, or are qualified as judges of High Court, orHave knowledge of finance, orHave vast experience in financial matters and are in administration, orHave knowledge of economicsTerm of Office of the members:Every member of the commission shall be in the office as specified by the President. He can also be reappointed, provided that he has already addressed a letter to the President for his resignation.Conditions of service and salaries and allowance of members:Each member should provide whole time or part time service to the Commission as the President with respect to each case might specify.Each member shall receive salaries according to the provisions made by the central government.Disqualification:A member may be disqualified if:He is of unsound mind.He is involved in a vile act.If his interests are likely to affect the smooth functioning of the Commission.The Finance Commission is a constitutional body while the Planning Commission is not statutory and merely an advisory body.The Planning Commission is an institution in the Government of India, which formulates India's Five-Year Plans, among other functions.While some of their functions overlap, by and large the Finance Commission focuses on non-plan revenues (administrative costs of government etc) and expenditure while the Planning Commission focuses on plan expenditure (social schemes and infrastructure)
How many members in the election commission of India is a body?
1
Which body of Indian government is published Economic survey of India?
Ministry of Finance
What is the highest policy-making body in National Planning In India?
National Planinin Commission
Which authority conducts the local body elections?
The Election commisssion of India.
What is the full name of UPSC?
The full form of UPSC is Union Public Service Commission. It is a central government body in India that conducts important exams like the IAS, IPS, IFS, NDA, and CDS to select candidates for various top government jobs.
Functions of election commission of India?
The Election CommissionElection Commission of India is a permanent Constitutional Body. The Election Commission was established in accordance with the Constitution on 25th January 1950. The Commission celebrated its Golden Jubilee in 2001. Originally the commission had only a Chief Election Commissioner. It currently consists of Chief Election Commissioner and two Election Commissioners, it had only the Chief Election Commissioner before 1989. The concept of multi-member Commission has been in operation since 1993, with decision making power by majority vote.
What government agency regulates stock and bond market?
It is the Securities Exchange Commission (SEC) in the United States and Securities Exchanges Board of India (SEBI) in India. Similarly every large economy has a supervisory body governing and regulating the stock and bond markets.
