SCF meaning in Business ?

Answer:

What is Standing Committee on Finance mean?

The Parliamentary Standing Committee on Finance (SCOF) is a department related standing committee (DRSC) constituted by the Parliament of India comprising selected members of parliament for the purpose of legislative oversight on the policies and decision making of the following four ministries:

Ministry of Finance (MoF)Ministry of Corporate AffairsMinistry of Statistics and Programme ImplementationNITI Aayog (succeeding the Planning Commission)

The committee consists of thirty-one members, twenty-one elected by Lok Sabha, the lower house of the Parliament, and not more than ten members of Rajya Sabha, the upper house of the Parliament. The members are nominated every year from amongst the members of Lok Sabha by the Lok Sabha Speaker and from amongst the members of Rajya Sabha by the Rajya Sabha Chairman. Efforts are made as far as possible to allocate seats in proportion to party strength in respective houses. The chairperson is appointed by the Lok Sabha speaker. The term of office of the members is one year. A minister is not eligible to become a member of the committee. If a member after his election to the committee becomes a Minister, he ceases to be a member from the date of such appointment.

The committee currently is headed by Veerappa Moily, succeeding Yashwant Sinha from the 15th Lok Sabha.

reference

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