Finance Commission of India

The Finance Commission of India came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define the financial relations between the centre and the state. 

So far 14 Finance Commissions have been appointed which are as follows:

Finance Commission	Year of Establishment	Chairman	Operational Duration
First	1951	K. C. Neogy	1952–57
Second	1956	K. Santhanam	1957–62
Third	1960	A.K. Chanda	1962–66
Fourth	1964	P. V. Rajamannar	1966–69
Fifth	1968	Mahaveer Tyagi	1969–74
Sixth	1972	K. Brahmananda Reddy	1974–79
Seventh	1977	J.M. Shelat	1979–84
Eighth	1983	Y. B. Chavan	1984–89
Ninth	1987	N.K.P. Salve	1989–95
Tenth	1992	K.C. Pant	1995–2000
Eleventh	1998	A.M.Khusro	2000–2005
Twelfth	2003	C. Rangarajan	2005–2010
Thirteenth	2007	Dr. Vijay L. Kelkar	2010–2015
Fouteenth	2012	Dr. Y. V Reddy	2015–2020