'The members would be notified as soon as possible as they have to finish the report within two years from the date of appointment,' said Union Minister for Information and Broadcasting Anurag Singh Thakur on Wednesday
The government is currently finalising the terms of reference for the 16th Finance Commission, which is likely to be set up shortly. The commission may also be asked to look at the conditions attached to fiscal transfers to urban and rural local bodies, to ensure that the funds are effectively utilised, a senior official aware of the discussions told ET.