In a slew of cabinet decisions, the government on Wednesday extended 15th Finance Commission's term by a month till Nov. 30, 2019, and broadened its ambit to include funds for defence and internal security.
The government had on Nov. 27, 2017, notified the 15th Finance Commission, headed by NK Singh, to suggest among other things the formula for devolution of funds to states for five years starting April 1, 2020.
"Cabinet approves extension of the term of the Fifteenth Finance Commission up to 30th November 2019; approves Amendment in the Terms of Reference for Fifteenth Finance Commission to address concerns regarding funds for defence and internal security," the government said in a tweet.
The 15th Finance Commission is scheduled to finalise its report by October 30.
Other Cabinet Decisions Taken Today:
Companies Law Amendment Bill Cleared
The Union Cabinet on Wednesday approved a bill to amend the Companies Act, 2013. The amendment bill would replace an ordinance issued earlier in 2019. (read more)
Seven IBC Amendments Approved
The IBC amendments are aimed at filling a critical gap in the corporate insolvency resolution framework while at the same time maximising value from the resolution process, the cabinet said in a note. (read more)
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