Govt has no plans to give permanent status to finance commission, says Union Minister Anurag Singh Thakur

By: |
February 10, 2020 4:47 PM

The government in November extended the term of 15th Finance Commission, headed by former bureaucrat N K Singh, by one year to October 30, 2020.

" No, Government of India is not considering any proposal to give permanent status to Finance Commission," the Minister of State for Finance said in a written reply to the lower house. (LSTV Grab image/ PTI Photo)” No, Government of India is not considering any proposal to give permanent status to Finance Commission,” the Minister of State for Finance said in a written reply to the lower house.
(LSTV Grab image/ PTI Photo)

The government has no plans to give permanent status to the finance commission, Union Minister Anurag Singh Thakur said on Monday. Currently, the government appoints finance commission for a fixed term.

While replying to a question in the Lok Sabha, Thakur also said the RBI was also not considering any proposal to give permanent status to the commission.

” No, Government of India is not considering any proposal to give permanent status to Finance Commission,” the Minister of State for Finance said in a written reply to the lower house.

Core responsibilities of the finance commission include evaluating the state of finances of the Union and State governments, recommending the sharing of taxes between them, laying down the principles determining the distribution of these taxes among states.

The government in November extended the term of 15th Finance Commission, headed by former bureaucrat N K Singh, by one year to October 30, 2020.

The term of the commission was originally set to end in October 2019, but was extended by one month to November 30.

Singh presented the first report pertaining to financial year 2020-21 to the government in December 2019.

“The recommendations made by the Finance Commission will be examined in the ministry in consultation with various departments and approval of Cabinet will be sought,” Thakur said in the House.

In accordance with approval of the Cabinet, “an explanatory memorandum as to the action taken on the recommendations made by the 15th Finance Commission will be laid on the floor of both the Houses of Parliament during Budget Session,” he added.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
121 states accept Rs 97,000 cr borrowing proposal to meet GST shortfall
2FinMin to decide borrowing calendar for current fiscal’s second half in Sep last week
3Govt collects Rs 84,023 cr non-tax revenue in FY21 so far