Union Cabinet approves extension of term of 15th FC up to Nov. 30, 2019

Speed Post News Network

New Delhi : The Union Cabinet chaired by Prime Minister Narendra Modi has approved the extension of the term of Fifteenth Finance Commission up to November 30, 2019. It will enable the Commission to examine various comparable estimates for financial projections in view of reforms and the new realities to finalise its recommendations for the period 2020-2025.

The Fifteenth Finance Commission was constituted by the President on November 27, 2017 in ‘ pursuance of clause (1) of article 280 of the Constitution and Finance Commission (Miscellaneous Provisions) Act, 1951. The Commission was to submit its Report on the basis of its Terms of Reference (ToR) by October 30, 2019, covering a period of five years commencing from April 1, 2020, according to a PIB release.