We evaluated 11 years of merger filings in four states. Having regard to the proposal from the commission1, having regard to the opinion of the european parliament2, having regard to the opinion of the european economic and social committee3, whereas. To view the pdf you will need acrobat reader, which may be downloaded from the adobe site. To the much respite of andhra pradesh, finance commission recommended that the state should get a bigger helping hand from the center to develop financially and industrially. The commission is constituted to make recommendations to the president about the distribution of the net proceeds of. Responsible authorities in west bengal threatened litigation but eventually nothing was done presumably because the matter was nonjustifiable. Commission of that merger in the prescribed manner and form. Recently, states such as bihar and tamil nadu have said that the recommendations of the 14th finance commission are averse to their interests. The finance commission is a constitutional body formed by the president of india to give suggestions on centrestate financial relations.
As specified in the recommendations of the fourteenth finance commission ffc, the census for the year 2011 will be considered as the base. It was established under article 280 of the indian constitution by the president of india. The following points highlight the four main recommendations of the eleventh finance commission. It was formed to define the financial relations between the central government of india and the individual state governments. The fourteenth finance commission invites suggestions on issues related to the terms of reference from the members of the general public, institutions and organizations. The following order made by the president is to be published for general information. The finance commission is mandated by the indian constitution to provide recommendations on. The second finance commission was set up in june 1956. Isher ahluwalia, and a report titled as india municipal finance. The recommendations made by the finance commission are advisory in nature and, hence, not binding on the government. The share of the union territories would not be determined on the grounds used for state share but it would be decided on the basis of population solely. The recommendations will be effective from next financial year. Commission, besides tax devolution, has recommended as many as 12 different. Public notice issued by 14th finance commission wbxpress.
This led to a suspension of the time limits referred to in article 10 of the merger regulation from 6 december 2011 until 17 january 2012 included. The commentary on the horizontal merger guidelines issued by the. About finance commission the finance commission of india came into existence in 1951. Now this was enacted to give effect to the 10th finance commission recommendations, which was headed by k. Highlights of 14th finance commission report february 2015 ficci economic affairs and research division government accepts 14th finance commission recommendation for tax devolution receipts states share in the net proceeds of union tax revenues increased to. Recommendations of 14th finance commission question. Empirical analysis jerry hausman, mit1 empirical analysis of mergers has advanced significantly since the 1992 horizontal merger guidelines were issued. Under the original merger regulation which came into force in 1990, the european commission has exclusive jurisdiction for mergers between firms with.
A sound system of intergovernmental fiscal transfers constitutes the cornerstone of a strong and stable federal polity. Short form co and form rs as part of the commissions merger simplification package, which entered into force on 1 january 2014, may be found here. So far, 14 finance commissions have been constituted and the last one submitted its report to the government in december 2014. Here we are sharing some important information about 15th finance commission. The thirteenth finance commission submitted its report in. Discuss the recommendations of the 14th finance commission the recommendations of the 14th finance commission are as follows. Recommendations are valid for a period of five years. Recommendations made by the 14th finance commission of india the major recommendations of 14th finance commission headed by prof. European commission press release details page brussels, 20 january 2004 see also ip0470 when does the eu have jurisdiction over a merger or acquisition and is this going to change with the new regulation. Review and outcomes the 14th finance commission ffc was constituted on 2nd january, 20 and submitted its report on 15th december, 2014. Performance audit of ulbs on financial and performance reporting i. The cabinet on wednesday approved the setting up of the 15th finance commission which will assess the tax resources of the nation and suggest a.
Articles of merger shall be filed with the commission by the survivor of the merger. The 14th finance commission had submitted its report for the central government and it is today tabled in the parliament. The finance commission of india your article library. Highlights of 14th finance commission report ficci. Report of the th finance commission 2010 2015 the government must cut its fiscal deficit to 3% of the gdp by the end of fiscal year 2014 and eliminate its revenue deficit in 201415. Fourteenth finance commission ffc for rural and urban local bodies local bodies grant. Recommendations for 14th finance commission given below is a summary list of recommendations which we believe are worthy of consideration for inclusion in the report of the 14th finance commission fc.
The finance commission is a constitutionally mandated body that is at the centre of fiscal federalism. It was formed to define the financial relations between the centre and the state. Mergers and acquisitions fercs merger guidelines in commonwealth edison, the federal power commission fpc5 considered the relationship between regulation and market concentration. In addition, this section makes use of the report on indian infrastructure and services, prepared by a highpowered expert committee headed by dr. Article 2803 enjoins the finance commission to make recommendations to the president and article 281, asks him to lay the recommendations of the commission before each house of parliament. The recommendations of the current finance commission will be for the five year period beginning april 1, 2010. Vitta ayoga was established by the president of india in 1951 under article 280 of the indian constitution. The fivemember panel is to submit its report by october 31, 2014. Recommendations of the 15th finance commission for 202021.
It highlights the fact that there has been a serious deterioration in the fiscal situation of. The finance commission is constituted by the president of india every five years under article 280 of the indian constitution, and lays the framework for the federal transfer of resources for the ensuing fiveyear period. Data pertaining to the finances of municipalities are drawn from the website of the th finance commission and ministry of finance. The first finance commission s recommendations were criticised on the grounds that a much smaller importance was given to the sources of collection than what was desired by the economically stronger states. Key recommendations in the first report 202021 period include. The standout recommendation of the 14th finance commission ffc is its recommendation that the share of states in the net proceeds of the shareable central taxes should be 42% against 32%. Thirteenth finance commission guidelines department of.
Modi government accepts finance commission recommendations full text of pm modis letter to cms the modi government said that that it. Vitta ayoga was established by the president of india in 1951. The best practices aim to foster cooperation and sharing. Any term of this agreement to which effect is not given on the initial closing date or on any assignment date including in particular, but without limitation, the liability of the seller under the representations and warranties and the provisions of clause 4 sale and purchase of new mortgage portfolios shall not merge and shall remain in full force and effect notwithstanding. It found that the potentially adverse effects on consumers of. The report builds on the commissions previous recommendations and sets out the tax and spending powers london now needs to take control of its future. Council regulation ec no 92004 of 20 january 2004 on the control of concentrations between undertakings. The government on sunday said it has released over rs 37,420 crore to states for 201516 as the first instalment of devolution as per the 14th finance commission recommendations, with uttar. It is also evident from figure 1 that bihars transfer dependence has not declined in recent years. The recommendations for the period from 1st april, 2015 to 31st march, 2020 were.
A conscious policy effort is needed by the government to live within its means and thereby bring down the fiscal deficit and public debt. From hedgehog to fox in forty years carl shapiro the u. The finance commission miscellaneous provisions act, 1951 additionally defines the terms of qualification, appointment and. In case, any loss or damage is caused to any person due to hisher treating or interpreting the contents of this blog any part thereof as correct, complete and uptodate statement of law out of ignorance or otherwise, this blog will not be liable in any manner whatsoever for such loss or damage. Their recommendations are to cover a period from 201520. The th finance commission has forayed into a number of areas partly.
If the commission finds that the articles of merger. Article 275 grant in aid of revenues grantinaidstatutory grantsnonplan grants are to. The share of states in the centres taxes is recommended to be. Reddy the government announced the constitution of the 14th finance commission under the chairmanship of former rbi governor y. Explains the approach when considering whether or not to refer a merger for a phase 2 investigation. Department of justice and the federal trade commission recently updated their horizontal merger guidelines,1 which build upon and replace the 1992 guidelines. Guidelines provide examples, they are illustrative and do not exhaust the applications of the relevant principle. Once the report is generated youll then have the option to download it as a pdf, print or email the report. Set up under article 280 of the constitution, its core responsibility is to evaluate the state of finances of the union and state governments, recommend the sharing of taxes between them, lay down the principles determining the distribution of these taxes among states. Introduction the fourteenth finance commission ffc was constituted by the president on january 2, 20 to give recommendations on specified aspects of centre state fiscal relations during 201520. This has led to major changes in the finance commissions recommendations over the years. New merger regulation frequently asked questions europa. The contents of this blog cannot be treated or interpreted as a statement of law.
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