Consider the following statements regarding the Finance Commission of India:
1. It is a constitutional body constituted under Article 280.
2. It is constituted by the President at the expiration of every fifth year or earlier.
3. Its recommendations are binding on the Union Government.
Which of the statements given above is/are correct?
- A1 only
- B1 and 2 only
- C2 and 3 only
- D1, 2 and 3
Correct answer: B