Qualifications for appointment as Chairman and Members of Finance Commission

The person to be appointed as Chairman of the Finance Commission shall have an experience in public affairs and the persons to be appointed as Members thereof shall— (a) have special knowledge and experience in economic and financial matters relating to Panchayats ; or (b) have special knowledge and experience in economic and financial matters relating to Municipalities ; or (c) have wide experience in financial matters and in administration ; or (d) have special knowledge of economics.