2019 – Posted in: Press Information Bureau

Finance Commission’s Advisory Council

(Finance Commission)

WHAT

The Chief Economic Advisor, Government of India, Dr. Krishnamurthy Subramanian had been included as Member of the Advisory Council of the Fifteenth Finance Commission.

Dr. Krishnamurthy Subramanian will be the twelfth Member of the Council.

ROLE AND FUNCTIONS OF THE ADVISORY COUNCIL

To advise the Commission n any issue or subject related to the Terms of Reference (ToR) of the Commission, which may be of relevance.
To assist in the preparation of any paper or research study which would enhance the Commission’s understanding on the issue contained in its ToR: and
To help in broadening the Commission’s ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations.

15th FINANCE COMMISSION

The Fifteenth Finance Commission of India (XV-FC) is an Indian Finance Commission constituted in November 2017 and is to give recommendations for devolution of taxes and other fiscal matters for five fiscal years, commencing 1 April 2020.

FINANCE COMMISSION

The First Finance Commission was established by the President of India in 1951 under Article 280 of the Indian Constitution.
It was formed to define the financial relations between the central government of India and the individual state governments.
The Finance Commission (Miscellaneous Provisions) Act, 1951 additionally defines the terms of qualification, appointment and disqualification, the term, eligibility and powers of the Finance Commission.
As per the Constitution, the Commission is appointed every five years and consists of a chairman and four other members.

Source: PIB

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