New Delhi: Planning Commission members are likely to put in their papers on May 16, the day when result for Lok Sabha elections will be announced, paving the way for reconstitution of the panel by new government.

"The members are unanimous on putting in their papers as early as next week. In all likelihood they would submit their resignations on Friday next week," a source said.

According to him, the Commission's office administration has already told the members that they would have to vacate their official residences soon after the election results are announced. All those wanting to retain their residences will have to pay market rent.

The source said that some members are keen to retain their residences even after the new government is formed and they are ready to pay market rent.

Asked if members are putting in their papers on May 16, the Commission's member Abhijit Sen said, "No decision has been taken yet."

As per the practice all members of the Commission submit their resignations to the Prime Minister who is the head of the institution.

Besides deputy chairman of the Commission Montek Singh Ahluwalia, the full time members of panel are B K Chaturvedi, Saumitra Chaudhuri, Syeda Hameed, Narendra Jadhav, Abhijit Sen, Mihir Shah, K Kasturirangan and Arun Maira.

PTI