President Asif Ali Zardari constituted on Friday the 11th National Finance Commission (NFC) that will “recommend distribution of revenues, grants, borrowing powers & cost-sharing on national projects”, according to a statement from Advisor to Finance Minister Khurram Schehzad.
According to the Finance Division notification shared by Schehzad, the commission is consist of Federal finance minister Muhammad Aurangzeb as the chairman, along with provincial finance ministers as members.
The other members include Nasir Mahmood Khosa (Punjab), Dr Asad Sayeed (Sindh), Dr Musharraf Rasool Cyan (KP), and Farman Ullah (Balochistan).
In terms of clause (2) of Article 160 of the Constitution, the Terms of Reference for the 11th NFC are to make recommendation to the president as to:
a) the distribution between the Federation and the Provinces of the net proceeds of the taxes mentioned in clause (3) of Article 160 of the Constitution;
b) the making of grants-in-aid by the federal government to the provincial governments;
c) the exercise, by the federal government and the provincial governments, of the borrowing powers conferred by the Constitution;
d) issues relating to sharing of financial expense incurred or to be incurred by the Federation in respect of subjects and matters falling within the domain of the Provinces;
e) issues relating to sharing of financial expense incurred or to be incurred by the federation or the provinces or both in respect of trans-provincial matters;
f) issues relating to financial expense for national projects to be shared by the federation and the provinces; and
g) any other matter relating to finance referred to the commission by the president.
According to the notification, the Finance Division shall, as per the Rules of Business, 1973, provide secretariat support to the commission.
“The National Finance Commission constituted vide Notification No. S.R.O. 635(I)/2020 dated the 21st July, 2020 shall stand dissolved with immediate effect,” the notification read.
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