4. INTODUCTION The Finance Commission India was officially structured and implemented as per the provisions of the Acts and Rules in the year 1951. The President of India selects the commissioner and the four other members of the Finance Commission India. Further, the President of India assigns the term of their office and their responsibilities. The commissioner and the four members of the Finance Commission India are answerable for their act of commission and omission, directly to the President of India.
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6. The Finance Commission shall consist of a chairman and four other members, appointed by the President himself
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8. Have been, or are qualified to be appointed as Judges of a High Court or
15. Define the grounds on which the government should allocate the grants-in-aid of the revenues of the Indian states out of the consolidated fund of India. The quantum of allocation of such funds needs to compliment the requirements of the Municipalities in the State and the resources of the Finance Commission of the State.
16. Any other matter referred to the Commission by the President in the interests of sound finance
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18. The latest provisions of the India Finance Commission Act, 1951 Short title - This Act may be called the Finance Commission (Miscellaneous Provisions) Act, 1951.Definition - In this Act, "the Commission" means the Finance Commission constituted by the President pursuant to clause (1) of article 280 of the Constitution.
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20. The President shall also satisfy from time to time with respect to every member that he has no such interest and any other member, or any future appointee
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22. Service and salaries The members shall discharge whole-time or part-time service as the President may fix, and they hall be paid such fees or salaries and such allowances as the Central Government may, by rules determine.
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24. Shall have power to ask any person to furnish information or document on such points or matters as it may feel necessary be useful or relevant to such proceedings
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26. Thirteenth finance commission The Thirteenth Finance Commission came into power in the year 2010. The President of India under the chairmanship of Dr. Vijay L. Kelkar will head it. The Thirteenth Finance Commission of India will focus deeply on making suggestions for people coming from various places.
27. Continuo …. The Government will cut its fiscal deficit to 3% of the GDP by the end of fiscal year 2013-14 and eliminate its revenue deficit in 2014-15, according to the key recommendations of the 13th Finance Commission. The fiscal deficit is estimated at 5.7% in the year ending on March 2011, and will fall further to 4.8% in the year 2011-12, a 13th Finance Commission said. The report of the 13th FinanceCommission, said that the fiscal deficit should drop to 4.2% in 2012-13 and to 3% in 2013-14. Finance Minister Pranab Mukherjee said that the Government has accepted all major suggestions of the 13th Finance Commission. The Centre must cap its total debt at 68% of the GDP by the end of financial year 2014-15.
28. Thirteenth Finance Commission at a glance The thirteenth finance commission decided to provide a notification on 13th November 2007 apropos the terms of reference from the members that include general public, Institutions, and Organizations. Its chief areas of concern are to make recommendations for a range of issues, which will be commenced from 1st April 2010. The thirteenth finance commission will make recommendations on the distribution of the net proceeds of taxes between the Union and the states, rules that govern the grants-in-aid for states, and actions to be taken in order to increase the Consolidated Fund of India. It will also review the financial condition of the states with respect to debt consolidation and relief fund expenditure. The commission will evaluate the arrangements made to overcome the crisis emerging out from calamities as well.
32. Review the financial status of the states in terms of debt consolidation and relief fund expenditure
33. Evaluate the arrangements made by Central Government as a safety net against calamities and make recommendations thereon
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35. Assess the resources provided by the Central Government based on tax levels as well as non-tax revenues
36. Judge the basic requirements of the states for government resources on account of civil administration, defense, internal and border security, servicing of debts, and other expenditures and liabilities
37. Balance expenditure and receipts of income as well as generate extra revenue for capital investment
38. Assess the taxation efforts made by Central Government to ensure mobilization of resources for states
