The government has constituted 14th Finance Commission with Dr. Y V Reddy, former governor of RBI as its Chairman.

Planning Commission member, Abhijet Sen, Former Finance Secretary Sushma Nath, Director National Institute for Public Finance and Policy Dr. M Govind Rao and Former acting Chairman National Statistical Commission Dr. Sudipto Mundle are members of the commission.

Briefing reporters in New Delhi today, Finance minister P Chidambaram said that the commission will submit its report by 31st October 2014.

Its recommendations will cover a period of five years commencing on 1st April 2015. The commission will make recommendations about the sharing of Central taxes, principles governing grants-in-aid to states and transfer of resources to local bodies.