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Former expenditure secretary Ajay Narayan Jha and retired bureaucrat Annie George Mathew are full-time members of the fee, whereas SBI Group Chief Financial Advisor Soumya Kanti Ghosh is a part-time member.
In a notification, the Division of Financial Affairs mentioned Manoj Panda, former Director, Institute of Financial Development, is being appointed as a full-time member of the sixteenth Finance Fee.
The member would maintain workplace from the date of assuming cost as much as the date of submission of Report or until October 31, 2025, whichever is earlier, the notification mentioned.
The appointment of Panda got here after Artha International Government Director Niranjan Rajadhyaksha expressed his incapacity to affix the Fee.
Rajadhyaksha was named a full-time member on January 31, however later in February he expressed his incapacity to affix as a member citing private causes. The primary assembly of the sixteenth Finance Fee was held on February 14. The federal government constituted the sixteenth Finance Fee beneath the chairmanship of Panagariya on December 31, 2023. The panel would submit its report back to the President by October 31, 2025. The report can be for 5 years commencing April 1, 2026.
In addition to suggesting tax devolution between centre and states and income augmentation measures, the fee would overview the current preparations for financing catastrophe administration initiatives just about the funds constituted beneath the Catastrophe Administration Act, 2005.
The Finance Fee is a constitutional physique that offers ideas on centre-state monetary relations.
The erstwhile fifteenth Finance Fee beneath NK Singh had really useful that states be given 41 per cent of the divisible tax pool of the Centre in the course of the five-year interval 2021-22 to 2025-26, which is on the identical degree as was really useful by 14th Finance Fee beneath Y V Reddy.
