(4) A person having experience in Public Affairs Explanation: With the objective of giving a structured format to the Finance Commission of India and to bring it at par with world standards, The Finance Commission (Miscellaneous Provisions) Act, 1951 was passed. It lays down rules regarding qualification and disqualification of members of the Commission, their appointment, term, eligibility and powers. The Chairman of the Finance Commission is selected among people who have had the experience of public affairs.