Union Cabinet extends 15th Finance Commission's term up to Nov 30

Last Updated: July 18, 2019

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Union Cabinet extends 15th Finance Commission's term up to Nov 30
18 July 2019 Current Affairs: The union cabinet approved the extension of the term of Fifteenth Finance Commission up to 30th November this year. 
This enables the commission to examine various comparable estimates for financial projections.
The reforms and the new realities to finalise its recommendations for the period 2020-2025.
The proper amendment to enable the Fifteenth Finance Commission to address serious concerns regarding the allocation of adequate, secure and non-lapsable funds.
The Terms of Reference plans to ensure an assured allocation of resources towards defence and internal security imperatives. 

About the Amendment of Fifteenth Finance Commission
The amendment provides that the Fifteenth Finance Commission examines whether a separate mechanism for funding of defence and internal security to be set up and a mechanism could be operationalized.
The Fifteenth Finance Commission constituted by the President on 27th November 2017. 
The report on the basis of its Terms of Reference by 30th October.
It covers a period of five years from 1st April 2020. 
The constitution of the Commission in the backdrop of various budgetary reforms introduced by the Centre in the past four years.
The replacement of the Planning Commission by NITl Aayog and removal of the distinction between Non-Plan and Plan expenditure. 
The Terms of Reference of the Commission takes into account these reforms.

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