SSC CGL Preparation Notes – Finance Commission of India

The long delays in the SSC CGL Exam schedule have put a cloud of uncertainty over the minds of thousands of aspirants. However, You should be positive and look at it as a ‘Glass Half full Scenario’ and use the time for a comprehensive SSC CGL Exam Preparation of all the topics of SSC CGL Syllabus. To help you with the same, we are providing you with Free SSC CGL Preparation notes in this blog. The topic covered in this blog is  – The Finance Commission of India. It is an important topic from the Economics section of the General Awareness syllabus.

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Finance Commission of India (FCI) – SSC CGL Preparation Notes

The article 280 of India Constitution talks about the Formation of the Finance Commission of India to look after the allocation of financial resource between the Central and State Governments. It is one of the important pillars of the Federal system of the Indian Constitution.

SSC CGL Preparation Notes – Composition of FCI

The Constitution of India States that the Finance Commission shall consist of a Chairman and 4 members (2 full time and 2 part-time members).

The composition of the 15th Finance Commission (Present) is given below. The 15th Finance Commission of India was established in 2017 and its Period of Operation is from 2020 to 2025.

Chairman – N. K. Singh

Full-Time Member – Shaktikanta Das

Full-Time Member – Dr Anoop Singh

Part time Member – Dr Ashok Lahiri

Part Time Member – Dr Ramesh Chand

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SSC CGL Preparation Notes – Functions of FCI

The important functions of the Finance Commission of India have been listed below -:

1) The distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds.

2) The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under Article 275 of the Constitution for purposes other than those specified in the provisos to clause (1) of that article; and

3) The measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State.

(Source – https://fincomindia.nic.in – Terms of Reference for 15th FCI)

Apart from the above major functions following are some other function of the Finance Commission of India as well -:

1) The study of the Financial Status and Fiscal situation of the Central and State Governments as requested by the President of India.

2) Advising the President on his request on any matter related to sound Financial practice for strengthening the Financial Status of Central and State Governments

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SSC CGL Preparation Notes – List of Previous FCI, their Chairman and Period of Operation

Finance Commission No.

Established in

Period of Operation

Chairman

1st 1951 1952–57 K. C. Neogy
2nd 1956 1957–62 K. Santhanam
3rd 1960 1962–66 A. K. Chanda
4th 1964 1966–69 P. V. Rajamannar
5th 1968 1969–74 Mahaveer Tyagi
6th 1972 1974–79 K. Brahmananda Reddy
7th 1977 1979–84 J. M. Shelat
8th 1983 1984–89 Y. B. Chavan
9th 1987 1989–95 N. K. P. Salve
10th 1992 1995–2000 K. C. Pant
11th 1998 2000–05 A. M. Khusro
12th 2002 2005–10 C. Rangarajan
13th 2007 2010–15 Dr Vijay L. Kelkar
14th 2013 2015–20 Dr Y. V Reddy
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That is all from us in this blog: SSC CGL Preparation Notes – Finance Commission of India. We hope you liked reading the information provided above and it is a valuable addition to your SSC CGL Exam preparation. All the best.


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