Former Reserve Bank Of India (RBI) Governor Y V Reddy will be the Chairman of 14th Finance Commission, Indian Finance Minister
P Chidambaram said on Wednesday.
The Finance Commission has been asked to submit its report by October 31, 2014.
Finance Commission, a constitutional body, is set up every five years.
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.
Prior to joining RBI as its Governor in September 2003, Reddy was India's Executive Director on the Board of the International Monetary Fund.
The 13th Finance Commission was headed by former Finance Secretary
Vijay Kelkar.
A file photo of Dr YV Reddy (left) with Alakananda Patel and RBI governor Duvvuri Subbarao at a book launch 
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