Which one of the following statements regarding Public Accounts Committee is correct ?

The Public Accounts Committee (PAC) is a crucial financial standing committee of the Indian Parliament. It currently consists of 22 members, with 15 members elected from the Lok Sabha and 7 members from the Rajya Sabha [2]. This composition was established in 1954-55; prior to that, it only included members from the Lok Sabha. The members are elected annually through the principle of proportional representation by means of a single transferable vote, meaning their term is only one year, not five [1]. Furthermore, a Minister cannot be elected as a member of the committee, and if a member is appointed as a Minister, they cease to be a member. Since 1967, a convention has been established where the Speaker appoints the Chairperson from the Opposition, ensuring the Finance Minister does not lead the committee [2].

Sources

1. [2] https://cag.gov.in/mab/kolkata-ii/en/pages/single/7218
2. [1] https://cag.gov.in/uploads/media/Annexure-III-064df3ad3602ce4-73211855.pdf