Rangarajan takes over as Finance Commission chief

NEW DELHI JAN. 3. The former Governor of Andhra Pradesh, C. Rangarajan, has assumed charge as the Chairman of the 12th Finance Commission.

A noted economist, Dr. Rangarajan is a former Governor of the Reserve Bank (RBI) and former member of the Planning Commission.

His appointment as Chairman of the Finance Commission was formally announced some time back, but Dr. Rangarajan waited till a new Governor was appointed to Andhra Pradesh. With Surjit Singh Barnala assuming office as the Governor today, Dr. Rangarajan took charge later in the day.

The 12th Finance Commission, which has been set up under Article 280 of the Constitution, is required to submit its recommendations regarding devolution of funds between the Centre and the States by 31st July, 2004.

Its recommendations will cover the five-year period starting April 2005.

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