Correct Option: D

After India gained independence, a formal model of planning was adopted, and accordingly the Planning Commission, reporting directly to the Prime Minister of India was established on 15 March, 1950, with Prime Minister Jawaharlal Nehru as the chairman. The Planning Commission does not derive its creation from either the Constitution or statute, but is an arm of the Central/Union Government. It is alleged that the Planning Commission (India) which is neither a constitutional nor a statutory body has usurped the role of Finance Commission.