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Q: The first Finance Commission was established in:
  • A. 1952
  • B. 1949
  • C. 1950
  • D. 1951
Correct Answer: Option D - The First Finance commission was constituted via Presidential order dated 22.11.1951 under the chairmanship of Shri K.C. Neogy on 6th April, 1952. Fifteen Finance Commissions have been constituted so far at intervals of five years.
D. The First Finance commission was constituted via Presidential order dated 22.11.1951 under the chairmanship of Shri K.C. Neogy on 6th April, 1952. Fifteen Finance Commissions have been constituted so far at intervals of five years.

Explanations:

The First Finance commission was constituted via Presidential order dated 22.11.1951 under the chairmanship of Shri K.C. Neogy on 6th April, 1952. Fifteen Finance Commissions have been constituted so far at intervals of five years.