Which of the following statements regarding the term and reappointment of SFC members are correct?
The term of office for each member is constitutionally fixed for five years.
The Governor specifies the term of office for each member in the appointment order.
Members of the State Finance Commission are eligible for re-appointment.
Choose the correct statement(s) regarding the resignation and vacancy procedures for SFC members.
A member's resignation becomes effective immediately upon submitting a written notice to the Governor.
A new member appointed to fill a vacancy will serve a fresh, full term of office as determined by the Governor.
Choose the correct statement(s) concerning the composition and member appointments of the SFC.
The State Finance Commission must consist of exactly three members, including the chairman, all of whom serve on a full-time basis.
One member of the commission is required to have specialized knowledge in economics, while the other two must have experience in public or local administration or government accounts.
Choose the correct statement(s) regarding the constitutional basis and scope of the State Finance Commission (SFC).
The SFC is a constitutional body established under Article 243-I to review the financial position of Panchayats and under Article 243-Y for Municipalities.
The SFC's recommendations are exclusively focused on the distribution of taxes and do not cover grants-in-aid from the state.