Union Government accepted 14th Finance Commission recommendations [ Current Affairs ]
Union Government accepted 14th Finance Commission recommendations on 26 February in 2015. Dr. YV Reddy headed the 14th Finance Commission who is a former Reserve Bank of India (RBI) Governor which provides more power to the states for their development.
Recommendations of the 14th Finance Commission
- Primary aim at Recommendations of the 14th Finance Commission is Tax devolution and it should perform for transfer of resources to the states.
- Grants to States should be divided into two way such as Performance of the Gram Panchayats (ratio of 90:10) and Grant of the constituted municipal bodies(ratio of 80:20)
- 14th Finance Commission was formed to suggest recommendations for the period from 1 April 2015 to 31 March 2020.
- Total grant allocated of 287436 core rupees for a five-year period which include the 200292 crore rupees for panchayats and renaming amount will go to municipalities bodies.
- The 14th Finance Commission was constituted by the orders of President (recommendations to the President Pranab Mukherjee on 15 December 2014) on 2 January 2013 in accordance to the Article 280 of the Constitution of India.
- Published on: March 2, 2015