State

State Finance dept submits memorandum to 15th FC

Correspondent KOHIMA, AUG 17 (NPN) | Publish Date: 8/17/2018 11:45:53 AM IST

 As per the instruction of 15th Finance Commission (FC) to submit reports and memorandums in advance, the State finance department headed by its secretary Y Kikheto Sema submitted its report to the FC in New Delhi on Thursday.

Kikheto told Nagaland Post that the recommendation of the 15th FC was important as it would decide the fate of State’s financial position from April 1, 2020 to March 31, 2025.

He said State had prepared and submitted its report on “Statements Relating to State Finance”, “Topic Notes Relating to State Finances”, ‘Schedules & Notes Relating to Local Bodies” and a State  memorandum to 15th FC secretary Arvind Mehta.

According to Kikheto, Mehta expressed his happiness at the timely submission of report by the State and agreed to accept any “supplementary memorandum” from the State, if needed.

The finance secretary said the department was likely to submit supplementary memorandums to the FC as it had agreed to accept them. 

He said the FC was tentatively scheduled visit the State in the last week of November this year and that the State government was preparing to warmly welcome the team.

Kikheto was accompanied by deputy secretary (budget), finance department, K Metha.

Finance Commission is a constitutional body that makes recommendations to President of India regarding a) distribution of the proceeds of taxes between the Union and States and b) determination of principles that should govern grants-in-aid of revenues of the States out of the Consolidated Fund of India and sums to be paid to the States by way of grants-in-aid, etc.

The recommendations of the commission are generally accepted by the Union government as well as the Parliament.

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