<p>Former RBI Governor Y V Reddy will be the Chairman of 14th Finance Commission, Finance Minister P Chidambaram said today.<br /><br /></p>.<p>The Finance Commission has been asked to submit its report by October 31, 2014.<br /><br />Finance Commission, a constitutional body, is set up every five years.<br /><br />Besides other things, the Commission lays down principles governing the grants-in-aid to states and other local bodies for a five-year period beginning April 1, 2014.<br /><br />Prior to joining RBI as its Governor in September 2003, Reddy was India's Executive Director on the Board of the International Monetary Fund.<br /><br />The 13th Finance Commission was headed by former Finance Secretary Vijay Kelkar.</p>
<p>Former RBI Governor Y V Reddy will be the Chairman of 14th Finance Commission, Finance Minister P Chidambaram said today.<br /><br /></p>.<p>The Finance Commission has been asked to submit its report by October 31, 2014.<br /><br />Finance Commission, a constitutional body, is set up every five years.<br /><br />Besides other things, the Commission lays down principles governing the grants-in-aid to states and other local bodies for a five-year period beginning April 1, 2014.<br /><br />Prior to joining RBI as its Governor in September 2003, Reddy was India's Executive Director on the Board of the International Monetary Fund.<br /><br />The 13th Finance Commission was headed by former Finance Secretary Vijay Kelkar.</p>