The panel will submit its report in two years and the recommendations would be implemented from January 1, 2016, a Finance Ministry statement said.

Prime Minister Manmohan Singh has approved the composition of the Commission that has one full-time and one part-time member, besides the chairman, the statement added.

Petroleum and Natural Gas Secretary Vivek Rae has been appointed a full-time member, while National Institute of Public Finance and Policy director Rathin Roy is a part- time member.

Meena Agarwal, an officer on special duty in the Finance Ministry's expenditure department, has been appointed the Commission's secretary.

(Agencies)

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