The practice has generally been to set up next Finance Commission within five years of the date of setting up of the previous Finance Commission
GN Bureau | November 22, 2017
The union cabinet chaired by prime minister Narendra Modi has approved the setting up of the 15th Finance Commission.
Setting up the Finance Commission is a Constitutional obligation. Article 280(1) of the Constitution lays down that a Finance Commission (FC) should be constituted "...within two years from the commencement of this Constitution and thereafter at the expiration of every fifth year or at such earlier time as the President considers necessary...".
The practice has generally been to set up next Finance Commission within five years of the date of setting up of the previous Finance Commission.
Fourteen Finance Commissions have been constituted in the past. The 14thFinance Commission was set up on January 2, 2013 to make recommendations covering the period of five years commencing on April 1, 2015. The Commission submitted its Report on December 15, 2014. The recommendations of the 14thFinance Commission are valid upto the financial year 2019-20.
Under the Constitution, the main responsibilities of a Finance Commission are the following:
1. The distribution between the Union and the States of the net proceeds of taxes which are to be divided between them and the allocation between the States of the respective shares of such proceeds.
2. Determination of principles and quantum of grants-in-aid to States which are in need of such assistance.
3. Measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State.
Just after the UP assembly election in 1996, I was among the scores of reporters waiting at Kalyan Singh’s residence, waiting to get the first inkling of the future course of the BJP. The party had secured the maximum seats – 174 out of 425 seats – but was short of the majority mark
“Company Secretaries, once known as secretaries to the board and management, have transformed themselves into key managerial and governance professionals. Today they are recognised for their importance on corporate landscape and have become gatekeepers of corporate governance,” said Ajay Tyagi,
Any good news which promises to bring about qualitative improvement in the lives of people, especially in rural India, is always welcome. It was heartening indeed to learn that every single village in the country now has access to electricity, as announced by the prime minister on April 29. This is most ce
The paved road, the few concrete houses and men on motorcycles – these are deceptive signs of development in Madralalpur village. Only a couple of weeks ago, Babu, a 47-year-old distressed farmer, had hanged himself from a babool tree. Villagers were gathered at his house as his wife, mother, sister-
Statistics has come a long way from the time when British prime minister Benjamin Disraeli observed: “There are three kinds of lies: lies, damned lies, and statistics.” Statistics is now an accredited branch of applied mathematics; statistical methods are routinely used to prove or disprove the
Of all offences, it’s the crime of rape that fires public sentiment the most, eliciting an outrage that exceeds the seemingly worst felony of all – murder too. It has probably more to do with the offence and associated gory details staying, even being replayed ruthlessly, in memory with continu