Y.V. Reddy to head 14th Finance Commission

Image Credit: EconomicTimes

The Union Finance Minister P. Chidambaram announced that Dr. Yaga Venugopal Reddy, the former Governor of Reserve Bank of India, would head the 14th Finance Commission.

Y.V. Reddy  was 21st Governor of Reserve Bank of India for the period from 6 September 2003 to  5 September 2008.

The commission has been constituted by the Government of India to make recommendations over sharing of union taxes, principles governing grants-in-aid to states and transfer of resources to local bodies.

According to media reports, the commission will consist of three full time members - and Sudipto Mundle, Sushma Nath and M. Govind Rao and Ajay Narayan Jha will be secretary to the Commission.

The 13th Finance Commission was headed by Vijay Kelkar in 2007 for 2010-2015 (Operational Duration). The 12th Finance Commission was headed by C.Rangarajan in 2003 for 2005-2010 period.