Q. 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?
Answer: 1, 2 & 3
Notes: First two statements are correct and based upon the article 280. If the President wants, the interval of setting up of a Finance Commission can be reduced and is the provision of article 280 which says: The President shall, within two years from the commencement of this Constitution and thereafter at the expiration of every fifth year or at such earlier time as the President considers necessary, by order constitute a Finance Commission which shall consist of a Chairman and four other members to be appointed by the President.