Bhubaneswar, Jan 22 : The Odisha government on Wednesday constituted the 6th State Finance Commission(SFC). The Odisha Finance Department has issued a formal notification regarding the formation of the 6th SFC under the Chairmanship of retired IAS officer, Arun Kumar Panda.

The commission comprises four members, including Prof Asit Ranjan Mohanty of Xavier Institute of Management, Bhubaneswar, Prof Amaresh Samantray, Department of Economics Pondicherry University, Dr. Bibhu Prasad Nayak, Professor at the Tata Institute of Social Sciences.

The Additional Secretary of Finance Department Dr Satya Priya Rath will function as the Member Secretary in the 6th Finance Commission.

"In pursuance of Article 243-1 of the Constitution of India read with Article 243-Y thereof and sections 3 and 8 of the Odisha Finance Commission (Miscellaneous Provisions) Act, 1993 (Odisha Act 28 of 1993), the Governor of Odisha do hereby constitute a Finance Commission,' reads the notification.

The Chairman and other members of the Commission, including Member Secretary, will remain in office for a period of six months from the date of this notification.

'The Chairman and other Members (except the Member-Secretary) shall render whole time or part time service to the Commission. The Member-Secretary shall render whole time service to the Commission in addition to his own duties,' the Finance Department notification added.

The commission will recommend the framework for the distribution of financial resources between the state government and 3-tier Panchayati Raj Institutions (PRIs) and Urban Local Bodies (ULBs).

The financial resources include the net proceeds from taxes, tolls, duties and fees levied by the state government, Grants-in-aid from the Consolidated Fund of the state.

It will also recommend the principle for determination of taxes, duties, tolls and fees which may be assigned to, or appropriated by PRIs and ULBs in the state.

The SFC shall also review implementation of the recommendations of Fifth State Finance Commission.

The Commission will prepare its report within a period of six months from the date of publication of this Finance department notification covering an award period of five years commencing from 1st day of April, 2026.

The Commission in its report will indicate the basis on which it has arrived at its findings.

/IANS