finance commission is appointed for a period of
five years
title: Finance Commission text: Finance Commission The First Finance Commission (IAST: "Vitta Āyoga") was established by the President of India in 1951 under "Article 280" of the Indian Constitution. It was formed to define the financial relations between the central government of India and the individual state governments. The Finance Commission (Miscellaneous Provisions) Act, 1951 additionally defines the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. As per the Constitution, the Commission is appointed every five years and consists of a chairman and four other members. Since the institution of the First Finance Commission, stark changes in title: Fifteenth Finance Commission text: Fifteenth Finance Commission The FifteenthFinance Commission of India (XV-FC) is an Indian Finance Commission constituted in November2017 and is to give recommendations for devolution of taxes and other fiscal matters for fivefiscal years, commencing 1April2020. The commission's chairman is N. K. Singh, with its full-timemembers being Shaktikanta Das, Ashok Lahiri and Anoop Singh. In addition, the commission also has a part-timemember in Ramesh Chand. The FifteenthFinance Commission was constituted by the Government of India—after getting ceremonial approval from President of India—through a notification in "The Gazette of India" on 27November2017. Nand Kishore Singh was appointed as the commission's chairman, with title: Finance Commission text: by the Central Government. So far 14 Finance Commissions have been appointed which are as follows: Major Recommendations of 14th Finance Commission headed by Prof. Y V Reddy The Fifteenth Finance Commission was constituted by the Government of India, after the approval from the President of India, through a notification in the Gazette of India in November 2017. Nand Kishore Singh was appointed as the commission's chairman, with its full-time members being Shaktikanta Das and Anoop Singh and its part-time members being Ramesh Chand and Ashok Lahiri. The commission was set up to give recommendations for five years commencing on title: Finance Commission text: of sharing resources between the Union and States. In addition to the above provisions, the finance commission serves as an institutional framework to facilitate Centre-State Transfers. Article 280 of the Indian Constitution defines the scope of the commission: The Finance Commission (Miscellaneous Provisions) Act, 1951 was passed to give a structured format to the finance commission and to bring it to par with world standards, by laying down rules for the qualification and disqualification of members of the commission, and for their appointment, term, eligibility and powers. The Chairman of a finance commission is selected from people with experience of title: Fifteenth Finance Commission text: its full-time members being Shaktikanta Das and Anoop Singh and its part-time members being Ramesh Chand and Ashok Lahiri. The commission held its first meeting on 4December2017. Lahiri was elevated to the status of a full-timemember in May2018 and was accorded the status of a minister of state. The commission was set up to give recommendations for devolution of taxes and other fiscal matters for fivefiscal years, commencing 1April2020. The main tasks of the commission were to "strengthen cooperative federalism, improve the quality of public spending and help protect fiscal stability". Some newspapers like "The Hindu" and "The Economic Times"