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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 do you prepare in economics for net exam?
Read standard books especially related to public economics, developmental economics and also study about Indian economy with focus on current financial and economic developments happening in the country as in finance commission and planning commission etc.
What is the name of the current Federal Reserve Chairman?
The Federal Reserve is the central banking system of the United States. It was created in the year 1913. Ben Bernanke is the chairman of the Federal Reserve. He has been the chairman since 2006. Before him, Alan Greenspan was the chairman of the federal reserve.
When was European Commission created?
European Commission was created in 1967.
Who is the current chairman for federal reserve?
Since February 1, 2006 the Fed chairman has been Ben Bernanke. The previous Fed chairman (1987-2006) was Alan Greenspan .
Who is the14 th finance commission chaiman?
The 14th finance commission chairman is M.A. Oomen. That's the name of the chairman.
Who is the chairman of 14th finance commission of India?
Professor A M Khusro was the chairman of 11th Finance Commission of India. Satya
Who is the presently chairman of finance commission?
Vijay Kelkar is the chairman of 13th finance commission the current finance commission is 13th
Who is the chairman of finance commission in kerala?
Prof. M A Oommen is the Chairman of Finance Commission of Kerala.
Who is the Chairman of 13th Finance commission of India?
Vijay L. Kelkar is the Chairman of the 13th Finance Commission of India.
Who is present chairman of Karnataka state finance commission chairman?
Mr.A.G.Kodgi
Who is the chairman of 13th finance commission?
Vijay Kelkar
Who must be chairman of finance commission?
an economist of high calibre
Who is the Chairman of the Twelfth Finance Commission?
Dr. C Rangarajan
Who was the chairman of first finance commission?
k.c.neogi in 1953
Who is the 14Th planning commission deputy chairman of India?
Y Venugopal Reddy
Who is the First Karnataka state chairman of finance commission?
Dr. G. Thimmaiah
