Commission for 8th NFC awards formed
ISLAMABAD: President Asif Ali Zardari on Wednesday formed the 8th National Finance Commission (NFC). The nine-member commission will now oversee the implementation of the 7th NFC Award, Geo news reported.
According to the notification issued by the Ministry of Finance, President Zardari has appointed Federal Finance Minister Abdul Hafeez Shaikh the new NFC chairman, while the finance ministers of the four provinces are its other members.
After consultation with their respective governors, the provincial governments would appoint one private member each from their province.
The commission has been mandated to oversee the distribution of total revenues from taxes between the federation and the provinces.
The commission will also deal with making of grants-in-aid by the federal government to the provincial governments, the borrowing powers given by the constitution to both the federal and provincial governments, as well as any other financial issue that is referred to the commission by the president.
The meetings of the NFC will be convened regularly on a quarterly basis to monitor the implementation of the award. The Finance Division will provide the secretariat-level support to the commission.
Under Article 160(1) of the 1973 Constitution, the NFC has to be appointed at intervals not exceeding five years. The last commission was formed on July 21, 2005.
More: continued here
Leave a Reply