<P> The Finance Commission 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 of 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 . </P>
<P> The Finance Commission 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 of 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 . </P>
finance commission is appointed for a period of
finance commission is appointed for a period of
five years
five years