The Fifteenth Finance Commission has constituted an Advisory Council to advise and assist the Commission. The role and functions of the Advisory Council will be:
To advise the Commission on any issue or subject related to the Terms of Reference (ToR) of the Commission, which may be of relevance;
To assist in the preparation of any paper or research study which would enhance the Commission’s understanding of the issues containing in its ToR; and
To help in broadening the Commission’s ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations.
About the Finance Commission:
It is a body set up under Article 280 of the Constitution. Its primary job is to recommend measures and methods on how revenues need to be distributed between the Centre and states.
The Constitution provides that Finance Commission shall consist of a Chairman and four other members to be appointed by President. The Chairman or members are eligible for reappointment. The Constitution authorizes Parliament to make provisions related to qualifications, conditions of service of members or powers of Finance Commission. So Parliament enacted Finance Commission Act in 1951 to determine provisions related to qualifications or disqualifications, conditions of service or miscellaneous powers to perform functions provided under a constitution.
The Chairman shall have vast experience in Public affairs and other four members shall be selected among persons who a) have qualifications as par with a judge of HC, b) has special knowledge of Finance and Accounts of govt, c) has vast experience in financial matters and d) have special knowledge of economics.