61. As soon as may be after the establishment of the Federation, the Council of Ministers with the approval of the two Chambers of the Federal Legislature shall appoint a Commssion consisting of one representative from each of the first fifteen Provinces mentioned in section 4 of this Act and not less than one-third of the total number of the members of the Commission as representing the Indian States and presided over by an officer of the Federal Government to enquire into, in conformity with the principles of this Constitution and with the assistance of a committee or committees as it may consider desirable to appoint –
(1) (a) the sources of revenue which may be assigned to the Federal Government and to the Provincial Governments with due regard to the efficient administration and development of the services of subjects under their control,
(b) the financial relations which should exist between the Federal and the Provincial Governments, and
(c) means to be adopted for giving effect to such relations.
(2) The Commission shall report to the Council of Ministers, who shall place the report with their recommendations before the Federal Legislature for such legislation or other action as it shall deem fit.