The 16th Finance Commission under the leadership of Arvind Panagariya has constituted a five-member Advisory Council under the chairmanship of Poonam Gupta. The council includes DK Srivastava, Neelkanth Mishra, Pranjul Bhandari, and Rahul Bajoria. Its role is to expand the work of the Commission by studying fiscal transfers and international practices, preparing research and monitoring studies.