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Q. Which of the following statements is an incorrect statement about Finance Commission?

  • (A) The Chairperson and four other members of Finance Commission are appointed by the President
  • (B) It sets interest rates, which determine the cost of borrowing and the return on savings
  • (C) It suggest the measures needed to augment the consolidated fund of a state and to supplement the resources of the panchayats and the Municipalities in the state
  • (D) It lays down the principles that govern the grants-in-aid to the states by the Centre
  • Correct Answer - Option(B)
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