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The State Finance Commission (SFC) is a constitutional body established under Article 243-I of the Constitution of India by the 73rd Constitutional Amendment Act, 1992, and under Article 243-Y by the 74th Constitutional Amendment Act, 1992 for Municipalities. Every State Government is required to constitute a State Finance Commission within one year of the commencement of these amendments and thereafter at the expiration of every five years. Its primary objective is to strengthen democratic decentralization by ensuring adequate financial resources for Panchayats and Municipalities. The State Finance Commission derives its authority from the Constitution, while its composition, qualifications, methods of appointment, and procedures are determined by the respective State Legislature. The Governor constitutes the Commission and places its recommendations, along with the explanatory memorandum regarding the action taken, before the State Legislature. One of the most important powers of the State Finance Commission is to review the financial position of Panchayats and Municipalities in _______ _________ ___ ________ ______ ______ ______ _________ ___ _________ ____.
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