1. It is mandatory to appoint a Finance Commission every five years. |
2. Finance Commission lays down the principles governing grant-in-aid to states. |
3. Finance Minister is the ex-officio Chairperson of the Finance Commission. |
4. The award given by the Finance Commission is binding on Central and State governments. |
A) 1, 2, 3 and 4
B) 1, 2 and 4
C) 1, 2 and 3
D) 1, 3 and 4
Correct Answer: B
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