Finance Commission office in Rajagiriya to open today | Daily News

Finance Commission office in Rajagiriya to open today

The new office building of the Finance Commission at No. 03, Sarana Road, Rajagiriya will be opened today by President Maithripala Sirisena.

The office of the Finance Commission was first set up initially at the Ministry of Finance and Planning with a handful of seconded/retired personnel in the first half of 1988. Subsequently, the office was shifted to several other places. With gradual expansion of the functions and the staff of the Finance Commission, it was a long felt need to establish it at a permanent location with a favourable office environment.

The foundation for the Rajagiriya office was laid in 2016.The mandate and the process in regard to ensuring the availability of funds to meet needs of the provinces as set out in the Constitutional amendment have been carried by the Finance Commission over the past 30 years. As per the Constitutional provisions of 13th Amendment, the Finance Commission has to facilitate the process of transferring funds to the provinces with the objective of balanced regional development.

Accordingly, the Finance Commission is responsible for following its main functions and responsibilities;

• Recommend to the Government “such funds as are adequate for the purpose of meeting the needs of the provinces” from the Annual Budget.

• Make recommendations to the President as to-

a. The principles on which funds granted annually by the Government to the provinces should be apportioned between them for the use of Provinces

b. Any other matter regarding provincial finance referred by the President with the objective of achieving balanced regional development in the country.

• Formulate principles for achieving balanced regional development in of the country, taking in to account the population, per capita income of the provinces and reducing the social and economic disparities and the differences in per capita income of the provinces with a view to progressively reducing social and economic disparities as well as the need progressively to reduce the difference between the per capita income of each province and the highest per capita income among the provinces.

The President shall cause every recommendation made by the Finance Commission under the Article 154 R (7),to be laid before Parliament, and shall notify Parliament as to the action taken thereon. No court or tribunal shall inquire into, or pronounce on, or in any matter entertain, determine or rule upon, any question relating to the adequacy of such funds, or any recommendation made or principle formulated by the Commission.


 

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