New Delhi: The Government on November 23 said the terms of reference of the 14th Finance Commission along with the name of its Chairman will be notified soon.
The Government is in the process of constituting the 14th Finance Commission and has approved its terms of reference, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
“...notification comprising names of the Chairman, members, terms of reference of the Commission and time frame for submission of its report will soon be notified through a Presidential order,” he said.
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The Finance Commission, a constitutional body, is set up every five years.
Besides other things, the Commission lays down principles governing the grants-in-aid to States and other local bodies for a five-year period beginning April 1, 2015.
The 13th Finance Commission was headed by former Finance Secretary Vijay Kelkar.
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