Photo Credit: The Economic Times 

New Delhi: The Sixteenth Finance Commission (XVIFC) invites suggestions/views from general public, interested organisations and individuals on the terms of reference for the XVIFC as specified below, as well as the general approach that the XVIFC may adopt. Views are also invited on any other issue relevant to the work of the XVIFC.

Suggestions may be submitted through the website of the 16th Finance Commission https://fincomindia.nic.in/portal/feedback) under the section ‘Call for Suggestions’.

The Sixteenth Finance Commission (XVIFC) has been constituted in pursuance of the provisions of the Constitution of India by the President with Dr. Arvind Panagariya as Chairman vide a Notification dated 31st December 2023. The XVIFC is required to make recommendations covering a period of five years commencing on 01st April 2026 as to the following matters:

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;

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

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 XVIFC is also mandated to 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, stated a press release.