Nation/City

NK Singh Appointed Chairman Of The 15th Finance Commission

NK Singh Appointed Chairman Of The 15th Finance Commission

The government appointed former Rajya Sabha member N.K.Singh as the new Chairman of the 15th Finance Commission. The Commission is scheduled to decide the sharing of taxes between Centre and the States for five years starting from 1st April 2020.
The Commission is required to draw a fiscal consolidation road map, and also confirm if revenue deficits grants provided to the States still needs to be continued. It will also aid the government in drafting the principles for providing the grants to different states out of the consolidated fund of India. In addition to that, the commission will bring out measures to strengthen the consolidated fund of a state which will be of service to the local panchayats and municipalities. 
The government has asked them to submit the final report by October-end 2019.
The present status of the finance, debt situation, deficits, and cash balances of the country and its states will undergo assessment as per the orders of the Government. 
The commission, other than bureaucrat NK Singh, will also consist Shaktikanta Das –former Economic Affairs Secretary, Anoop Singh –Georgetown University Professor, Ashok Lahiri –former chief economic advisor, Ramesh Chand –agricultural expert and NITI Aayog member.