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Sixteenth Finance Commission invites suggestions from general public

Sixteenth Finance Commission invites suggestions from general public

| @indiablooms | 08 May 2024, 10:40 pm

New Delhi: The Sixteenth Finance Commission has invited suggestions and views from the public, organizations, and individuals regarding its terms of reference and overall approach.

Additionally, suggestions on any other relevant issues pertaining to the Commission's work are welcome.

Submissions can be made via the website of the 16th Finance Commission in the 'Call for Suggestions' section.

The XVIFC is required to make recommendations covering a period of five years commencing on 01st April 2026 as to the following matters:

The distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds;

The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that article; and

The 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.

Constituted under the provisions of the Constitution of India by the President, the Sixteenth Finance Commission, chaired by Dr. Arvind Panagariya, is tasked with reviewing current financing arrangements for Disaster Management initiatives as outlined in the Disaster Management Act, 2005, and providing appropriate recommendations.

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