Finance Commission of India

*HariOm / Finance Commission of India*

Dr Y.V Reddy, Chairman

Dr M.Govindha Rao, Member

Sushma Nath, Member

Prof Abhijit Sen, Member

Dr Sudipto Mundle, Member

Ajay Narayan Jha, Secretary

*Website http://fincomindia.nic.in*

-The Finance Commission came into existence in 1951.
It was established under Article 280 of the Indian Constitution by the President of India. It was formed to define the financial relations between the centre and the state. The Finance Commission Act of 1951 states the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission. As per the Constitution, the commission is appointed every five years and consists of a chairman and four other members. Since the institution of the first finance commission, stark changes have occurred in the Indian economy causing changes in the macroeconomic scenario. This has led to major changes in the Finance Commission's recommendations over the years. Till date, Fourteen Finance Commissions have submitted their reports.

*Functions*
Distribution of net proceeds of taxes between Center and the States, to be divided as per their respective contributions to the taxes. Determine factors governing Grants-in Aid to the states and the magnitude of the same. To make recommendations to president as to the measures needed to augment the 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. any other matter related to it by the president in the interest of sound finance

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