finance commission is appointed for a period of
Finance Commission The Finance Commission was established by the President of India in 1951 under Article 280 of the Indian Constitution. It was formed to define the financial relations between the central government of India and the individual state governments. The Finance Commission (Miscellaneous Provisions) Act of 1951 additionally defines the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.[1] As per the Constitution, the Commission is appointed every five years and consists of a chairman and four other members.
Public Accounts Committee (India) The PAC is formed every year with a strength of not more than 22 members of which 15 are from Lok Sabha, the lower house of the Parliament, and 7 from Rajya Sabha, the upper house of the Parliament.[1] The term of office of the members is one year. The Chairman is appointed by the Speaker of Lok Sabha. Since 1967, the chairman of the committee is selected from the opposition. Earlier, it was headed by a member of the ruling party. Its chief function is to examine the audit report of Comptroller and Auditor General (CAG) after it is laid in the Parliament. CAG assists the committee during the course of investigation. None of the 22 members shall be a minister in the government.