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New Delhi : The Union Cabinet chaired by PM Narendra Modi on November 22, 2017, approved the setting up of the 15th  Finance Commission. Under Article 280 (1) of the Constitution, it is a Constitutional obligation. The Terms of Reference for the 15th Finance Commission will be notified in due course of time.

The 14thFinance Commission was set up on January 2, 2013, to make recommendations covering the period of five years commencing on April 1, 2015. The Commission submitted its report on December 15, 2014. The recommendations of the 14th Finance Commission are valid up to  financial year 2019-20. In terms of Constitutional provisions, setting up the 15thFinance Commission, the recommendations of which will cover  five years commencing on April 1, 2020, has now become due, according to a PIB release.

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