BANKING AFFAIRS

Detailed explanation-1: -Ans. 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.

Detailed explanation-2: -The Chief Election Commissioner and other Election Commissioners. The Chairman and other members of the Union Public Service Commission. The Attorney General Of India.

Detailed explanation-3: -Any other matter referred to it by the president in the interests of sound finance. The Commission decides the basis for sharing the divisible taxes by the centre and the states and the principles that govern the grants-in-aid to the states every five years.

Detailed explanation-4: -The Finance Commissions (IAST: Vitta Āyoga) are commissions periodically constituted by the President of India under Article 280 of the Indian Constitution to define the financial relations between the central government of India and the individual state governments.

Detailed explanation-5: -The first Finance Commission came into existence on 22nd November 1951 and its Chairman was Kshitish Chandra Neogy. The headquarters of the Finance Commission is in New Delhi. Nand Kishore Singh is the Chairman of the current 15th Finance Commission (February 2021) preceded by Dr.