Which of the following statements with regard to the constitution of Finance Commission is/are <strong>CORRECT</strong>?<br>1. The Government of India has recently constituted the Sixteenth Finance Commission under the Chairmanship of Dr. Arvind Panagariya.<br>2. Finance Commission is constituted in pursuance to Article 263 of the Constitution of India.<br>Select the answer using the code given below :
- A. 1 only ✓
- B. 2 only
- C. Both 1 and 2
- D. Neither 1 nor 2
Correct Answer: A. 1 only
Explanation
Statement 1 is correct. Statement 2 is incorrect because the Finance Commission is constituted under Article 280 of the Constitution of India, not Article 263 (which relates to the Inter-State Council).
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