New Delhi: The government today said terms of reference of the 14th Finance Commission along with name of its chairman will be notified soon.
The government is in process of constituting the 14th Finance Commission and has approved its terms of reference, Minister of State for Finance Namo Narain Meena said in a written reply to the Lok Sabha.
Junior Finance Minister Namo Narain Meena. Image courtesy PIB
"...notification comprising names of Chairman, members, terms of reference of the Commission and time frame for submission of its report will soon be notified through a Presidential order," he said.
Finance Commission, a constitutional body, is set up every five years.
Besides other things, the Commission lays down principles governing the grants-in-aid to states and other local bodies for a five-year period beginning April 1, 2015.
The 13th Finance Commission was headed by former finance secretary Vijay Kelkar.