Consider the following statements:

  1. As per the Constitution of India, the First Finance Commission had to be created before end of 2 years from the commencement of Indian Constitution
  2. Finance Commissions are established by the President at every 5 years interval
  3. If the President wants, the interval of setting up of a Finance Commission can be reduced

Which among the above statements is/ are correct?

[A] Only 1
[B] 1 & 2
[C] 1, 2 & 3
[D] 2 & 3
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