4.1. Composition

The Finance Commission consists of a chairman and four other members to be appointed by the President. They hold office for such period as specified by the President and are also eligible for reappointment. The Constitution authorizes the Parliament to determine the qualifications of the members of the Commission and the manner in which they should be selected. Accordingly, the Parliament has specified that the chairman should be a person having experience in public affairs and four other members should be selected from amongst the following:

1) A judge of high court or one qualified to be appointed as one.

2) A person who has specialized knowledge of finance and accounts of the government

3) A person who has wide experience in financial matters and in administration

4) A person who has special knowledge of economics