1. Finance Commission was formed under the Article 280 of the Indian constitution.
2. It was formed on November 22, 1951.
3. Head Quarters: New Delhi
4. Composition
1. Chairman + 4 Other members
5. The Chairman and the other members of the Finance Commission will be appointed by the President.
6. They are also eligible for reappointment of the post.
7. The finance commission submits its report the President, who then lays down in the Parliament.
8. The recommendations of the finance commission to the govt will be advisory in nature and hence not binding.
9. So far Fifteen finance Commission has been formed, the chairman of the
1. First Finance Commission - K C Neogy
2. Thirteenth Finance commission - Dr Vijay Kelkar
3. Fourteenth Finance commission - Y V Reddy
4. Fifteenth Finance Commission - N K Singh [Very Important]

FRBM enacted in 2003, to ensure fiscal discipline and to reduce fiscal deficit by moving towards a balanced budget.

Received President's Assent - August 26, 2003

Came to an effect from - June 5, 2004

Chairman of the review committee of the FRBM Act - N K Singh 

• Revenue Deficit
• Eliminated by - March 31, 2009
• Minimum Annual reduction - 0.5% of GDP in each financial year
• Fiscal Deficit
• Minimum Annual reduction - 0.3% of GDP in each financial year
• To reach 3% of fiscal deficit by - 2008-2009 Financial year 
• Debt
• Minimum Annual reduction - 1% of GDP in each financial year
• To reach total debt within - 6% by 2007-2008
• Finance minister to review the trends in receipts and expenditure quarterly.
• RBI not to subscibe the government bond from - April 1, 2006 
• Four indicators to be projected in the medium term fiscal policy statement

• VGF (Viability Gap Funding) is a mechanism in which the Government provides a capital grant to make the project feasible (economically viable) to the Developers

• Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year must spend every year at least 2 % of their average net profit over the preceding three years on CSR.

Land Reforms in simple terms it means the measures or regulations taken by the government regarding the ownership of the agricultural lands. It also involves tenancy reforms, land ceiling, land redistribution and more for the benefit.

During the British rule in India, they introduced 3 major Land revenue system as per the need of the location and their convenient.

1. Zamindari System
2. Ryotwari System
3. Mahalwari System

• Who Introduced? - William Bentick
• When? - 1833
• Where? Central India, Gangetic Plains, North western India, Punjab regions
• Who is the owner of land? - Peasants
• How the revenue was collected? - Peasants pay tax to village community head and the headman pays it to the government.

WTO is intergovernmental organisation which regulates international trade. It acts as a forum for negotiating trade agreements and a negotiator where the member nations try to sort out their trading disputes. 

• Before the existence of WTO there is a predecessor GATT. It stands for General Agreement on Trade and Tariff.
• GATT came to effect on Jan 1, 1948.
• As the name suggests, GATT is only a set of rules agreed my its signatories regarding trade.
• WTO was constituted based on the Marrakesh Treaty(1994) which is the result of the Uruguay round of negotiations. 
• WTO was established on 1 Jan 1995.

The Planning Commission of India was formed in 1950 to formulate five year Plans.

• In 1934
• M Visvesraya published the book 'Planned Economy for India'.
• In 1938
• Indian National Congress formed the National Planning Committee.
• Jawaharlal Nehru was appointed as the Chairman.
• In 1944 - Bombay Plan by eight industrialists.
• In 1944 - Gandhian Plan by Sriman Narayan Agarwal
• In 1945 - People's Plan by M N Roy
• In 1950 - Sarvodaya Plan by Jaiprakash Narayan