THE DRAFT CONSTITUTION 219
THE GAZETTE OF INDIA EXTRAORDINARY, FEB. 26,1948 251
PART X
Finance, Property, Contracts and Suits
CHAPTER I—Finance
*DISTRIBUTION OF REVENUES BETWEEN THE UNION AND THE STATES 5
Interpretation 247. In this Part, unless the context otherwise requires,— (a) “Finance Commission” means a Finance Commission constituted under article
260 of this Constitution; 10 (b) “State” does not include a State for the time being specified in Part II of the First Schedule; (c) references to States for the time being speci- fied in Part II of the First Schedule shall 15 include references to any territory specified in Part IV of the First Schedule and any other territory comprised within the territory of India but not specified in
20 that Schedule.
Meaning of 248. Subject to the following provisions of this “revenues of Chapter with respect to the assignment of the whole India” and or part of the net proceeds of certain taxes and “revenues of duties to States, the expression ‘revenues of India’ the State. “ includes all revenues and public moneys raised or 25 received by the Government of India and the expres- sion ‘revenues of the State’ includes all revenues and public moneys raised or received by the Govern- ment of a State.
*The Committee has not embodied in the Draft the re- commendations of the Expert Committee on the Financial Pro- visions of the Constitution with regard to the distribution of revenues between the Union and the States, as the Committee is of opinion that in view of the unstable conditions prevailing at the present moment the existing distribution of such revenues under the Government of India Act. 1935, should continue for at least five years, after which a Finance Commission may review the position. The Committee agrees with the Export Committee that steps should be taken for the collection, compilation and maintenance of statistical information referred to in paragraph 66 of the report of the Export Committee in order that such informa- tion might be available to the Finance Commission when appointed.