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The Cabinet meeting chaired by Chief Minister Amarinder Singh was held here.
The Cabinet also decided to present the draft bill on appointment of administrators to market committees and an amendment to the Punjab Agricultural Produce Markets Act of 1961 in the Budget session, it said.
The Cabinet also approved the report of the Fifth State Finance Commission submitted to the Governor.
The Finance Commission recommended the continuation of the existing devolution of four per cent share of net proceeds of the state taxes to local bodies from 2016-17 to 2020-21.
This will help transfer Rs 4,364.40 crore (estimated) to both rural and urban local bodies in Punjab, since the state government has accepted the commission's recommendations regarding the share of urban local bodies and inter-se distribution among Panchayati Raj institutions.