Punjab finance commission, Private banking company

The Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Thursday approved several key recommendations of the sixth Punjab Finance Commission, including compensation against revenue losses on certain counts.The Commission had submitted 7 recommendations for 2021-22 to Punjab Governor VP Singh Badnore on January 29, 2021, read the press note by the state government.While six have been approved by the Cabinet today, one relating to the continuation of devolution of 4 pc own share of state taxes to Local Bodies for the year 2021-22 will be examined by a Group of Ministers (GoM), an official spokesperson said after the Cabinet meeting. The GoM shall comprise the state's Finance Minister, Local Government Minister, Rural Development and Panchayats Minister and Water Supply and Station Minister.Key recommendations accepted by the Cabinet include continuation of compensatory payments in case of loss of revenue from the abolition of octroi on power and liquor to local bodies for the year 2021-22; continuation of 16 per cent share of excise duty on IMFL and 10 per cent share on auction money from liquor vends to be devolved to the Panchayati Raj Institutions (PRIs) and Urban Local Bodies (ULBs).The sixth State Finance Commission was constituted by Punjab Government under section 3(1) of the Punjab Finance Commission for Panchayats and Municipalities Act, 1994 vide notification on July 3, 2018, under the chairmanship of former Chief Secretary KR Lakhanpal.It included VC Punjabi University Patiala Dr BS Ghuman as expert member besides financial commissioner rural development and panchayats and Principal Secretary Local Government as Ex-Officio Members. Former Principal Secretary Science Technology and Environment Dr Roshan Sunkaria was appointed Member Secretary.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :Punjab Cabinet approves several recommendations of the 6th Punjab Finance Commission

The Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Thursday approved several key recommendations of the sixth Punjab Finance Commission, including compensation against revenue losses on certain counts. ...