Who was the chairman of the 12th Finance Commission?

Question

Question

This question was previously asked in

RPF SI (2018) Official Paper (Held On: 19 Dec, 2018 Shift 1)

Answer 1

The correct answer is Shri C. Rangarajan

Key Points

Shri C. Rangarajan was the chairman of the 12th Finance Commission of India.
The 12th Finance Commission was constituted by the President of India in 2002, and it submitted its report in 2004.
The Finance Commission is a constitutional body that is set up every five years to recommend the distribution of tax revenues between the central and state governments.
The recommendations of the Finance Commission are crucial for maintaining fiscal federalism in India.

Additional Information

The Finance Commission was established under Article 280 of the Indian Constitution.
The main functions of the Finance Commission include recommending the distribution of net proceeds of taxes between the Centre and the States, and among the States themselves.
The Finance Commission also suggests measures to augment the Consolidated Fund of a State to supplement the resources of Panchayats and Municipalities.
Shri C. Rangarajan is an economist and a former Governor of the Reserve Bank of India.
He has also served as the Chairman of the Economic Advisory Council to the Prime Minister of India.