Ritvik Ranjanam Pandey has been appointed as Secretary to the Commission
FinTech BizNews Service
Mumbai, January 1, 2024: The Government of India, with the approval of the
President of India, has constituted the Sixteenth Finance Commission, in pursuance
to Article 280(1) of the Constitution.
Dr Arvind Panagariya, former Vice-Chairman, NITI Aayog, and Professor, Columbia
University will be the Chairman. Members of the Sixteenth Finance Commission
would be notified separately. Shri Ritvik Ranjanam Pandey has been appointed as
Secretary to the Commission. Detailed terms of reference for Sixteenth Finance
Commission have also been spelt out in the notification issued.
The Sixteenth Finance Commission shall make recommendations as to the following
matters, namely: —
(i) The distribution between the Union and the States of the net
proceeds of taxes which are to be, or may be, divided between them
under Chapter I, Part XII of the Constitution and the allocation between
the States of the respective shares of such proceeds;
(ii) The principles which should govern the grants-in-aid of the
revenues of the States out of the Consolidated Fund of India and the
sums to be paid to the States by way of grants-in-aid of their revenues
under article 275 of the Constitution for the purposes other than those
specified in the provisos to clause (1) of that article; and
(iii) The measures needed to augment the Consolidated Fund of a
State to supplement the resources of the Panchayats and
Municipalities in the State on the basis of the recommendations made
by the Finance Commission of the State.
The Sixteenth Finance Commission may review the present arrangements on
financing Disaster Management initiatives, with reference to the funds constituted
under the Disaster Management Act, 2005 (53 of 2005), and make appropriate
recommendations thereon.
The Sixteenth Finance Commission has been requested to make its report available
by 31 st day of October, 2025 covering a period of five years commencing on the
1st day of April, 2026.
