What is a Planning Commission? When was it setup?! what does it do? who controls it?

Important Notes on Planning Commission of India....

1. The Planning Commission was set up by a Resolution of the Government of India in March 1950.
2. First Five-year Plan was launched in 1951.
3. While the years 1966-67, 67-68 and 68-69 are treated as Annual plans (because of India-Pak conflict, Devaluation of currency, etc.) and the years 1990-91, 91-92 are also Annual Plans(due to fast changing political situation at the centre).
4. Its job is to make assessment of available resources of the country, augmenting deficient resources, formulating plans for the most effective and balanced utilization of resources and determining priorities.
5. Planning Commission is a Permanent body.
6. Planning Commission is Non-Constitutional
7. All the transfers(loans & grants) of the Planning Commission are Planned Grants.
8. This(Planning Commission) will be headed by Prime Minister of India.
9. National Development Council(NDC) is the Apex Body of the Planning Commission.
10. Planning Commission does what the National Development Council asks to do.
11. NDC was setup in 1952.
12. NDC studies and improve the Five-year Plan.
13. NDC reviews the Five-year Plan in the mid term and puts forward its recommendations, if there are any such.