Article 280 provides for the establishment of a Finance Commission. The President shall within two years from the commencement of the constitution and thereafter at the expiration of every fifth year or at such earlier time as he considers necessary constitute a Finance Commission.
The Finance Commission shall consist of a Chairman and four other members appointed by the President. Parliament may by law prescribe qualifications which shall be requisite for appointment as members of the Commission and the manner in which they shall be selected.
In exercise of the power under Article 80 (1), Parliament has passed the Finance (Miscellaneous Provision) Act, 1951. It provides that the Chairman of the Commission shall be selected from among persons who have had experience in public affairs. The other four members shall be selected from among persons who (1) are, or have been, or are qualified to be appointed as judges of a High Court; or (2) have special knowledge of the Finance and accounts of Government, or (3) have had wide experience in financial matters and in administration, or (4) have special knowledge of economics.
The members of the Commission shall hold office for such period as may be specified in the Presidential order and shall be eligible for appointment. The Commission is empowered to determine its procedure and shall have all the powers of a civil court in respect of summoning and enforcing the attendance of witnesses, production of any document and requisitioning any public record from any court or office.
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