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 |
| Second | 1956 | K. Santhanam | 1957–62 |
| Third | 1960 | A. K. Chanda | 1962–66 |
| Fourth | 1964 | P. V. Rajamannar | 1966–69 |
| Fifth | 1968 | Mahaveer Tyagi | 1969–74 |
| 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 |
| Twelfth | 2002 | C. Rangarajan | 2005–2010 |
| Thirteenth | 2007 | Dr. Vijay L. Kelkar | 2010–2015 |
| Fourteenth | 2013 | Dr. Y. V Reddy | 2015–2020 |
