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Cabinet approves constituting 15th Finance Commission

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New Delhi, Nov 22 (IANS) The Union Cabinet on Wednesday approved the constitution of the 15th Finance Commission, whose recommendations have to be in place by April 1, 2020, and also decided to finalise the next Commission’s terms of reference, Finance Minister Arun Jaitley said here.

The appointment of a new Finance Commission (FC), to recommend on the sharing of revenue between the Centre and the states for the five-year period after the 14th FC’s recommendations expire on March 31, 2020, comes in the backdrop of a radical overhaul of the indirect tax regime by way of the Goods and Services Tax (GST) implemented from July.

“It normally takes around two years for a Finance Commission to complete its work, and for the 15th one, its recommendations need to be in place by the 1st of April, 2020,” Jaitley told reporters following the cabinet meeting.

“Today (Wednesday) an in-principle decision has been taken and the members (15th FC) will be appointed very soon,” he said in response to a query.

The Finance Minister said the while there is a continuity in the expenditure pattern of the Centre and the states, the GST was a new element in the revenue situation.

“The impact of GST on revenue will have to be studied by the the new Finance Commission. After GST, the indirect tax regime is no longer the same pattern for both the Centre and states,” he added.

The 14th Finance Commission recommended transfer of a much bigger share of central taxes to states, increasing it by 10 percentage points to a handsome 42 per cent, which was accepted by the Centre.

In the other major economic decisions taken by the cabinet on Wednesday was to bring in certain changes to the Insolvency and Bankruptcy Code, which are to be introduced through an Ordinance.

Jaitley said the cabinet has forwarded the modification proposals for the President’s assent and, as such, could not be revealed at this time.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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