National Finance | MCQs

Explanation

The National Finance Commission laid the foundation for the equal distribution of revenues between the federal and four provincial governments of Pakistan

NFC is a series of planned economic programs in Pakistan enacted since 1951.

Constituted under the Article 160 of the Constitution

Explanation

State Bank of Pakistan (SBP) Governor Jameel Ahmad unveiled a commemorative banknote of Rs75 to mark the 75 years of SBP’s founding.

Unveiled in July 2023

Explanation

The NFC Award is enacted through mathematical formulation between federal government and provincial governments.

History of distribution of revenue between Center and Provinces in the subcontinent dates back to Government of India Act 1935. Pakistan came into existence on 14th august 1947. After the creation of the country, first award of distribution of revenue was announced in 1952 popularly known as Raismen award. It distributed the revenue between the center and provinces of the federation of Pakistan. Third constitution of Pakistan was passed in 1973 and was effected on 14th August 1974. Article 160 (1) of the constitution of the country provides for the establishment of the National Finance Commission (NFC). Article 160 (2) of the constitution provides:

Explanation

Third constitution of Pakistan was passed in 1973 and was effected on 14th August 1974. Article 160 (1) of the constitution of the country provides for the establishment of the National Finance Commission (NFC). 

Explanation

NFC enacted since 1951

Explanation

Explanation

The National Finance Commission (NFC) is a constitutional body in Pakistan that was created under Article 160 of the Constitution of 1973  

It makes recommendations for the financial allocation.