PIB News Update: The Chairman of the 15th Finance Commission, Shri N.K. Singh, Members S/Shri Ajay Narayan Jha, Ashok Lahiri, Ramesh Chand, Anoop Singh and Secretary Shri Arvind Mehta today called on the President of India, Shri Ram Nath Kovind and submitted the report of the Commission for the financial year 2020-21 for further necessary action. The Commission apprised the President of the recommendations contained therein.
The XV Finance Commission was constituted by the President of India under Article 280 of the Constitution on 27 November 2017 to make recommendations for a period of five years from 1st April 2020 to 31 March 2025. The Commission had a wide ranging Terms of Reference contained in the Presidential Notification.
Thereafter, the Gazette Notification dated 27 November 2019 mandated the XV Finance Commission to submit the report for the financial year 2020-21 by 30 November 2019 and thereafter the final report for the period 1 April 2021 to 31 March 2026 by 30 October 2020.