Cabinet approves establishment of 15th Finance Commission: FM Jaitley

New Delhi, Nov 22 (ANI): The Union Cabinet on Wednesday approved the setting up of the 15th Finance Commission in national capital.

The Cabinet Meeting was led by Union Finance Minister Arun Jaitley and Union IT Minister Ravi Shankar Prasad.

The Finance Minister informed that 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.

Jaitley added that the recommendations of the Finance Commission operate every five years.

The previous recommendations were implemented from April 1, 2015 and will go on til March 31, 2020.

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..