Former Reserve Bank of India Governor Y.V. Reddy will head the 14th Finance Commission, Finance Minister P. Chidambaram announced here today.
The Government has constituted the 14th Finance Commission.
The Commission will make recommendations regarding sharing of union taxes, principles governing grants-in-aid to states and transfer of resources to local bodies.
It has been asked to submit report by October 31 which will be made applicable for a five-year period starting April 1, 2015.
The Commission will have three full-time members, Sushma Nath (Former Finance Secretary), M. Govind Rao (Director, NIPFP) and Sudipto Mundle (Former Acting Chairman, National Statistical Commission) besides Abhijit Sen (Member, Planning Commission) as part-time member.
Ajay Narayan Jha has been appointed Secretary to the Commission.