Basic Function of Finance Commision of India is to define financial relations between Center and State Government. I came in existence in 1951. It is also called Finance commision act 1951. FCI is defined in Article 280 of Central Government Act of Indian Constitution. It's basic function to change the economic condition of the country with it's innovative rules and ideas. It also can be seen as Vertical and Horizontal Balances in Indian States. General Factors of Horizontal Imbalance is historical backgrounds, differences in resource endowments. Article 269, 270, 275, 282 and 293 are similar to this that states the specific ways to sharing resources between union and state governments. Recently Dr. Y. V. Reddy (Former RBI Governor) constituted 14th Finance Commission under his chairmanship. Article 280 | Finance Commision of India History: Finance Commission Year of Establishment Chairman Operational Duration First 1951 K. C. Neogy 1952–57 Second 1956 K. Santhana
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