Finance Commission of India Current Affairs, GK & News

Finance Commission of India

The Finance Commission is sanctioned in Article 280 of the Indian Constitution. It was first established in 1951 by the President of India to define the financial relations and dealings between the central government of India and the individual state governments. What does the Constitution say? As per Article 280 of the Indian Constitution, the ..

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 Finance Commission suggests GST Council for Three Slabs

The fifteenth Finance Commission headed by Retired IAS officer Nand Kishore Singh is about to commence its tenure of 5 years from 1st April 2020- 31st  March 2025. The commission constituted on 27th November 2017 will recommend fiscal matters and tax devolution formula to the Central Government over its tenure. On Sunday, 23rd December 2019 ..


15th Finance Commission meets Ministry of Panchayati Raj

The Ministry of Panchayati Raj has made a presentation to Shri N.K. Singh, the Chairman of 15th Finance Commission, its Members and senior officials of the Commission. The Ministry has lodged an allocation of Rs. 10,00,000 crores to Panchayats by the 15th Finance Commission. It is a hike of 399% from that given by the ..


Y V Reddy authors book “Indian Fiscal Federalism”

The book titled “Indian Fiscal Federalism” has been authored by former RBI Governor Dr. Y V Reddy and co-authored by Dr. G R Reddy. The authors noted that the Niti Aayog should ideally be the focal point for all transfers from the Centre and states outside the recommendations of the Finance Commission.


State Finance Commissions

The state finance commissions were added by 73rd amendment act. They have been enshrined in article 243-I and 243-Y in Part IX A and IX B. They are constituted by Governor every five years. Primary concern is to suggest ways and means to strengthen the institutions of local governance viz. PRIs and ULBs They recommend ..


15th Finance Commission : Key Terms of Reference

The presidential terms of reference (ToR) of the Fifteenth Finance Commission have raised questions. Southern states have raised objections over the directive to use population data in the ToR from the 2011 Census and not the 1971 Census that was used earlier. The terms of reference of the 15th finance commission raises questions about constitutional ..


15th Finance Commission constitutes an Advisory Council to advise and assist Commission

The 15th Finance Commission has constituted an advisory council to advise and assist the commission. The 6-member council will be headed by the President of Forum for Strategic Initiatives, Arvind Virmani. The role and functions of the council will be to advise the commission on any issue or subject related to the Terms of Reference ..