The Finance Commission of India came into existence on November 22, 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.
Former RBI Governor Y.V. Reddy (Yaga Venugopal Reddy) will be the Chairman of 14th Finance Commission.
The Finance Commission has been asked to submit its report by October 31, 2014.
- The First Finance Commission was appointed by the President of India in 1951, which was chaired by Mr. K.C. Neogy.
- The 13th Finance Commission was headed by former Finance Secretary Vijay Kelkar.