16th Finance Commission: Cabinet Approves 3 New Posts
By Rediff Money Desk, NEWDELHI Jan 18, 2024 13:33
The Indian Cabinet has approved the creation of three officer-level posts to assist the 16th Finance Commission, chaired by Arvind Panagariya. These posts are crucial for the commission to carry out its functions effectively, including recommending tax devolution and reviewing disaster management...
New Delhi, Jan 18 (PTI) The Cabinet on Thursday approved the creation of three officer-level posts for assisting the 16th Finance Commission, chaired by Arvind Panagariya.
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the creation of three posts at the level of Joint Secretary i.e. two posts of Joint Secretary and one post of Economic Adviser, for the 16th Finance Commission, an official statement said.
"The newly created posts are required to assist the Commission in carrying out its functions," the statement said.
All other posts in the commission have already been created as per the delegated powers, it added.
In a notification dated December 31, 2023, the government appointed former vice chairman of Niti Aayog Panagariya as the chairman of the 16th Finance Commission.
Ritvik Ranjanam Pandey was named as the Secretary to the Commission.
The Commission would submit its report to the President by October 31, 2025. The report would be for five years commencing April 1, 2026.
Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the Commission would review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005.
The Finance Commission is a constitutional body that gives suggestions on centre-state financial relations.
The erstwhile 15th Finance Commission under NK Singh had recommended that states be given 41 per cent of the divisible tax pool of the Centre during five-year period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission.
The Union Cabinet chaired by Prime Minister Narendra Modi has approved the creation of three posts at the level of Joint Secretary i.e. two posts of Joint Secretary and one post of Economic Adviser, for the 16th Finance Commission, an official statement said.
"The newly created posts are required to assist the Commission in carrying out its functions," the statement said.
All other posts in the commission have already been created as per the delegated powers, it added.
In a notification dated December 31, 2023, the government appointed former vice chairman of Niti Aayog Panagariya as the chairman of the 16th Finance Commission.
Ritvik Ranjanam Pandey was named as the Secretary to the Commission.
The Commission would submit its report to the President by October 31, 2025. The report would be for five years commencing April 1, 2026.
Besides suggesting tax devolution between the Centre and states and revenue augmentation measures, the Commission would review the present arrangements for financing disaster management initiatives with reference to the funds constituted under the Disaster Management Act, 2005.
The Finance Commission is a constitutional body that gives suggestions on centre-state financial relations.
The erstwhile 15th Finance Commission under NK Singh had recommended that states be given 41 per cent of the divisible tax pool of the Centre during five-year period 2021-22 to 2025-26, which is at the same level as was recommended by the 14th Finance Commission.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Standard Capital
- 1.50 ( -0.66)
- 36469489
- Vodafone Idea L
- 9.12 (+ 0.22)
- 34742533
- Srestha Finvest
- 0.81 ( -4.71)
- 27777771
- Spicejet Ltd.
- 66.47 (+ 1.16)
- 20250094
- KBC Global
- 2.35 (+ 1.73)
- 15267597
MORE NEWS
Gen Z Spending Power: USD 860 Billion Impact on...
India's Gen Z, 377 million strong, holds USD 860 billion spending power, driving 43% of...
Nestle CMD on Quality & Safety: 'No Jugaad,...
Nestle CMD Suresh Narayanan stresses the importance of quality and safety as cultural...
Capital Group Sells 1.7% Stake in Mastek for Rs...
US-based Capital Group has sold a 1.7% stake in IT firm Mastek for over Rs 148 crore...