New Delhi, Oct 18 (ANI): The Union Cabinet has approved constitution of the 14th Finance Commission to suggest formula for sharing of tax proceeds between Centre and states.
Former Reserve Bank of India (RBI) Governor Y V Reddy is tipped to be the chairman of the Finance Commission.
Besides other things, the Commission lays down principles governing the grants-in-aid to states and other local bodies for five-year period beginning April 1, 2015.
Former Finance Secretary Vijay Kelkar headed the 13th Finance Commission.
The Finance Commission is a Constitutional body, which is set up every five years.
Read more / Original news source: http://manipur-mail.com/cabinet-approves-constitution-of-14th-finance-commission/
