 "Cabinet approves 15th Finance Commission, to be in place by 2020")
The Union Cabinet on Wednesday approved the setting up of the 15th Finance Commission.
"This Finance Commission comes under Article 280 of the Constitution, and under Article 280, the Finance Commission decides the income division between the Centre and the state," Union Finance Minister Arun Jaitley said, while addressing a press briefing here.
"The recommendations of the Finance Commission operate every five years. The previous recommendations were implemented from April 1, 2015 and will go on until March 31, 2020," he added.
Jaitley also said that the 15th Finance Commission would be in place before April 1, 2020 and the chairman and other personnel would also be allotted soon.
The terms of reference for the Commission will be notified in due course of time, the finance minister added.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app