The Sixteenth Finance Commission (SFC) has constituted an advisory council consisting of eminent economists D.K. Srivastava, Poonam Gupta, Pranjal Bhandari, Rahul Bajirao and Neelkanth Mishra.

• It will advise the commission on Terms of Reference (ToR) and other related subjects of relevance, the finance ministry said in a statement. 
• Poonam Gupta will be the Convenor of the Advisory Council whose role will also be to assist the Commission in the preparation of papers/ research studies and to monitor or assess studies commissioned by the Finance Commission. 
• The advisory council will also help broaden the Commission's ambit and understanding by seeking the best national and international practices on matters pertaining to fiscal devolution and improving the quality, reach, and enforcement of its recommendations..