YV Reddy to head 14th Finance Commission

The Finance Commission is a constitutional body and is set up every
five years. The Commission will lay down principles governing the grants-in-aid to states and other local bodies for a five-year period beginning April 1, 2014.
Prior to joining RBI as its governor in September 2003,

Reddy was the executive director on the board of the International Monetary Fund. The 13th Finance Commission was headed by former finance secretary Vijay Kelkar.