Union Cabinet Approves Setting up of 15th Finance Commission - JPKee.com

New Delhi, Nov 22: The Union Cabinet chaired by Prime Minister Narendra Modi had given its nod for setting up of the 15th Finance Commission, as per a PIB press release. The Terms of Reference of the 15th Finance Commission will be notified soon.

It said that it is a Constitutional obligation under Article 280 (1) of the Constitution, which says that it is a Finance Commission (FC) should be constituted “within two years of the commencement of the Constitution. “…thereafter at the expiration of every fifth year or at such earlier time as the President considers necessary…,” the Constitution says.

According to this notification, the Finance Commission should be set up within five years of the date the previous Finance Commission was set up.

The 14th Finance Commission was set up on January 2, 2013. The Commission had submitted its report on December 14, 2014, two years after the 14th Finance Commission was set up. Its recommendations were valid up to the financial year 2019-20, the PIB reported.

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Author - Vikash Kumar