The Ministry of Finance (MoF) on May 08, 2024, issued a notification regarding the Sixteenth Finance Commission (XVIFC) inviting suggestions/views from the general public, institutions and organisations on issues related to its terms of reference.
The Sixteenth Finance Commission (XVIFC) was established by the President, with Dr. Arvind Panagariya as Chairman, through a notification dated December 31, 2023. The commission's mandate spans five years starting from April 1, 2026, and includes several key areas:
•Distribution of net tax proceeds between the Union and the States as per the provisions of Chapter I, Part XII of the Constitution, and the allocation of these proceeds among the States.
•Determination of principles governing grants-in-aid to States from the Consolidated Fund of India, and the amounts to be disbursed to States under Article 275 of the Constitution, excluding specified purposes.
•Identification of measures to enhance the Consolidated Fund of a State to support the resources of Panchayats and Municipalities, based on recommendations from the State Finance Commission.
•Reviewing the current financing arrangements for Disaster Management initiatives, including funds established under the Disaster Management Act, 2005 (53 of 2005), and proposing necessary recommendations in this regard.
Suggestions may be submitted through the website of the 16th Finance Commission under the section ‘Call for Suggestions’.
[Notification No. 2019961]
