List of Finance Commissions and their heads is an important static GK topic for MBA, Bank PO and other competitive exams. You can expect at least 1 to 2 questions from List of Finance Commission and their head in any competitive exams.
Important Facts regarding Finance Commissions
- Finance Commissions came into existence in 1951.
- It was established under Article 280 of the Indian Constitution by the President of India.
- It was formed to define the financial relations between the centre and the state.
- As per the Constitution, the commission is appointed every five years and consists of a chairman and four other members.
- Till date, Fourteen Finance Commissions have submitted their reports.
- Finance Commission is autonomous the body which is governed by the government of India.
List of Finance Commissions of India:
|Finance Commission||Year of Establishment||Chairman||Operational Duration|
|First||1951||K. C. Neogy||1952–57|
|Third||1960||A. K. Chanda||1962–66|
|Fourth||1964||P. V. Rajamannar||1966–69|
|Sixth||1972||K. Brahmananda Reddy||1974–79|
|Seventh||1977||J. M. Shelat||1979–84|
|Eighth||1983||Y. B. Chavan||1984–89|
|Ninth||1987||N. K. P. Salve||1989–95|
|Tenth||1992||K. C. Pant||1995–2000|
|Eleventh||1998||A. M. Khusro||2000–2005|
|Thirteenth||2007||Dr. Vijay L. Kelkar||2010–2015|
|Fourteenth||2013||Dr. Y. V Reddy||2015–2020|