Key Points
The centre has appointed Arvind Panagariya, former Vice-Chairman of Niti Aayog, to head the 16th Finance Commission..
Ritwik R Pandey will be the secretary of the commission, while the names of other members will be notified separately, the government said in a gazette notification issued Sunday...
As per Article 280 of the Constitution, the commission is required to make recommendations on the distribution of the net proceeds of taxes between the centre and the states..
"The Commission may review the present arrangements on financing Disaster Management initiatives, with reference to the funds constituted under the Disaster Management Act, 2005 (53 of 2005), and make appropriate recommendations thereon," the notification said...
"Chairman and other members of the Commission shall hold office from the date on which they respectively assume office up to the date of submission of Report or 31st day of October, 2025, whichever is earlier," the notification said...
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Centre approves 16th Finance Commission’s Terms of Reference. Details here
03, Dec, 23The Finance Commission is constituted every fifth year or earlier, as per the constitutional provisions. The commission is tasked with making recommendations related to the distribution of tax revenues between the Union (central government) and the states.