GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Finance Commission is appointed after every
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2 years
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3 years
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4 years
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5 years
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Explanation:
Detailed explanation-1: -Under Article 243-I of the Constitution of India, the governor of a state is required to constitute a Finance Commission every five years.
Detailed explanation-2: -In November 2019, the Cabinet approved the 15th Finance Commission to submit first report for the first fiscal year viz. 2020-21 and to extend the tenure of 15th Finance Commission to provide for the presentation of the final report covering FYs 2021-22 to 2025-26 by October 30, 2020.
Detailed explanation-3: -The Fourteenth Finance Commission (FC-XIV) was constituted by the President under Article 280 of the Constitution on 2 January 2013 to make recommendations for the period 2015-20. Dr. Y. V. Reddy was appointed the Chairman of the Commission.
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