According to the Finance Commission Act, 1951, the Parliament has specified the qualifications of the chairman and members of the commission. The chairman should be a person having experience in public affairs and the four other members should be selected from amongst the following : ● A judge of high court or one qualified to be appointed as one; ● A person who has specialised knowledge of finance and accounts of the government; ● A person who has wide experience in financial matters and in administration; ● A person who has special knowledge of economics.