Question

The Finance Commission is constituted by the President of India under Article ______ of the Constitution.
1. 164
2. 280
3. 112
4. 226

Answer 1

Correct Answer - Option 2 : 280

The correct answer is 280.

• ​The Finance Commission was established under Article 280 of the Indian Constitution by the Indian President.
• Finance Commission is a constitutional body for the purpose of allocation of certain revenue resources between the Union and the State Government.
• It was created to define the financial relations between the Centre and the states. It was formed in 1951.
• The present Finance commission chairman is Shri Nand Kishore Singh (as of Dec. 2020).
• K.C. Neogi was the first Chairman of the Finance Commission which was formed in the year 1951.

Article	Subject Matter
Article 164	According to Article 164 in the Indian Constitution, Governor appoints Chief Minister.
Article 112	Annual Financial Budget
Article 226	Power of High Courts to issue certain writs