In pursuance of clause 1 of article 280 of the Constitution read with the provisions of the Finance Commission

8064 GI/202 3 (1) EXTRAORDINARY PART II —Section 3 —Sub-section ( ii) PUBLISHED BY AUTHORITY No. 5300] NEW DELH I, SUNDAY , DECEMBER 31, 2023/ PAUS HA 10, 1945 CG-DL-E-31122023-250997 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 31st December , 2023 S.O. 5 533(E).— The following order made by the President is to be published for general information: — ORDER In pursuance of clause (1) of article 280 of the Constitution read with the provisions of the Finance Commission (Miscellaneous Provisions) Act, 1951 (33 of 1951), the President is pleased to constitute a Finance Commission with Dr. Arvind Panagariya, former Vice -Chairman, NITI Aayog and Professor, Columbia University, as the Cha irman. Members of the Commission will be notified separately. 2. Shri Ritvik Ranjanam Pandey shall be the Secretary to the Commission. 3. The Chairman and other members of the Commission shall hold office from the date on which they respectively assume office up to the date of submission of Report or 31st day of October, 2025, whichever is earlier. 4. The Commission shall make recommendations as to the following matters, namely: — (i) The distribution between the Union and the States of the net proc eeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds; (ii) The principles which should govern the grants -in-aid of the r evenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants -in-aid of their revenues under article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of t hat article; and (iii) The measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State. The Commi ssion may review the present arrangements on financing Disaster Management initiatives, with reference to the funds constituted under the Disaster Management Act, 2005 (53 of 2005), and make appropriate recommendations thereon. 5. The Commission shall mak e its report available by 31st day of October, 2025 covering a period of five years commencing on the 1st day of April, 2026. Sd/- New Delhi, DROUPADI MURMU Dated the 31st December, 2023 President of India [F. No. 10(2) -B(S)/2022 ] ASH ISH VACHHANI , Addl. Secy. (Budget) Uploaded by Dte. of Printing at Government of India Press, Ring R oad, Mayapuri, New Delhi -110064 and Published by the Controller of Publications, Delhi -110054.