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Who among the following was the Chairman of 14th Finance Commission?
1. Shanta Kumar
2. C. Rangarajan
3. Y.V. Reddy
4. N. K. Singh
5. None of the above/More than one of the above

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Correct Answer - Option 3 : Y.V. Reddy

The correct answer is Y.V. Reddy.

  • Y.V. Reddy was the Chairman of the 14th Finance Commission.
  • 14th Finance Commission:
    • The FFC has submitted its recommendations for the period 2015-16 to 2020-21.
    • Some of the major recommendations are as follows:
      • The FFC has radically enhanced the share of the states in the central divisible pool from the current 32% to 42% which is the biggest ever increase in vertical tax devolution.
      • The last two Finance Commissions viz. Twelfth (period 2005-10) and Thirteenth (period 2010-15) had recommended a state share of 30.5% (an increase of 1%) and 32% (an increase of 1.5%), respectively in the central divisible pool.
      • The FFC has also proposed a new horizontal formula for the distribution of the states’ share in the divisible pool among the states.
      • Relative to the Thirteenth Finance Commission, the FFC has incorporated two new variables: 2011 population and forest cover; and excluded the fiscal discipline variable.
      • The FFC has not made any recommendations.

  • The Chairman of the 15th Finance Commission is N.K.Singh.
  • Finance Commission:
    • Finance Commission is a constitutional body for the intention of allocation of certain revenue resources between the Union and the State Governments.
    • It was installed under Article 280 of the Indian Constitution by the Indian President.
    • It was constructed to define the financial relations between the Centre and the states.
    • It was formed in 1951.
    • The Finance Commission makes recommendations to the president of India on the followings:
      • The net tax proceeds dispensation to be divided between the Centre and the states, and the allocation of the same between states.
      • The principles governing the grants-in-aid to the states by the Centre out of the consolidated fund of India.
      • The steps desired to extend the consolidated fund of a state to promote the resources of the panchayats and the municipalities of the state on the basis of the recommendations made by the state Finance Commission.
  • The Chairman of the 15th Finance Commission was C. Rangarajan.
  • He has also served as 19th Governor of the Reserve Bank of India.

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