● Article 280 of the Indian Constitution provides for the Finance Commission . ● It is a quasi-judicial body. ● It is constituted by the President of India every fifth year or the time he may consider necessary. Hence statement 1 is correct . ● The chairman and four other members of the Finance Commission are appointed by the President and are eligible for reappointment. Hence statement 2 is correct . ● They hold office for the time period specified by the President in his order. Hence statement 4 is correct . ● According to the Constitution, qualifications of the members of the commission are determined by the Parliament. ● The chairman should be a person having experience in Public Affairs. Hence statement 3 is not correct