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Nod to bill on finance panel

Shillong, March 19: To streamline the distribution of financial resources, the Meghalaya government today approved the draft bill for the establishment of the Meghalaya State Finance Commission.

In a cabinet meeting chaired by chief minister Mukul Sangma here, approval was given to the Meghalaya State Finance Commission Bill, 2012 which would pave the way for the determination in the allocation of resources among the traditional institutions, urban bodies and the three autonomous district councils in the state.

The allocation of resources, taxes, duties, toll, fees, grants-in-aid from the consolidated fund of Meghalaya would be determined by the commission, Sangma told reporters after the meeting.

“We have established the commission on the lines of the Finance Commission to determine allocation of resources among the traditional institutions, urban bodies and autonomous district councils,” the chief minister said.

The commission would also be mandated with the task to recommend measures to improve the fiscal health of the state, Sangma added.

It may be mentioned that the Finance Commission is charged with making recommendations to the President on the distribution of taxes between the Centre and states and the consequent distribution among states themselves. It also recommends grants-in-aid to states.

The cabinet also gave approval to the Meghalaya Municipal Amendment Bill, 2012 with the intention of bringing in more transparency and accountability within accounting institutions falling under the urban affairs department.