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of <h1>Governors Required to Establish Finance Commissions Every 5 Years to Assess and Support Local Panchayat Financial Governance</h1> State governors must establish a Finance Commission every five years to review Panchayat financial positions. The commission's key responsibilities include recommending principles for:- Distribution of tax proceeds between state and Panchayats- Assignment of taxes and duties to Panchayats- Allocation of state grants- Measures to improve Panchayat financial conditionsThe state legislature determines the commission's composition and powers. The governor must present the commission's recommendations with an explanatory memorandum to the state legislature.
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