Fourteenth Finance Commission invites suggestions from public
The Fourteenth Finance Commission has invited suggestions on issues related to the terms of reference from the members of the general public, Institutions and Organizations.
The Fourteenth Finance Commission has been constituted in pursuance of the provisions of the Constitution of India by the President under the Chairmanship of Dr Y V Reddy, notification dated January 2, 2013. The Commission shall make recommendations covering a period of five years commencing on the April 1, 2015 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 1, 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 revenue of the States out of the Consolidated Fund of India and the sums to be paid to the States which are in need of assistance by way of grants-in-aid of their revenues under Article 275 of the Constitution for 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.
The Commission shall review the state of the finances, deficit and debt levels of the Union and the States, keeping in view, in particular, the fiscal consolidation roadmap recommended by the Thirteenth Finance Commission, and suggest measures for maintaining a stable and sustainable fiscal environment consistent with equitable growth including suggestions to amend the Fiscal Responsibility Budget Management Acts currently in force and while doing so, the
The Commission may consider the effect of the receipts and expenditure in the form of grants for creation of capital assets on the deficits; and the Commission shall also consider and recommend incentives and disincentives for States for observing the obligations laid down in the Fiscal Responsibility Budget Management Acts.
The Finance Commission would encourage suggestions/views from all interested organizations and individuals which may be sent by April 30, 2013 in any of the following manner: By post, addressed to the Secretary, Fourteenth Finance Commission, 19th Floor, Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi-110001, through e-mail. [NT]