Union cabinet Approves establishment of 15th Finance Comission

New Delhi Nov 22: The Union cabinet under the leadership of PM Modi has taken some crucial decesions. Union Finance Minister Arun Jaitley has briefed the media about the decisions.

# Establishment of 15th Finance Commission:

The union cabinet has approved the establishment of setting up of 15th Finance commission a constitutional body. The commission would submit the recommendations on what proportion the central and state funds should be distributed.Currently, 14th finance commission recommendations are in place and these would be applicable from 1 April 2015to 31 March 2020.

Jaitley has said that "finance commission would take 2 years time to consult all the stakeholders and submit the report and the details of members of the commission would be notified ".

Currently, Article 280 of constitution mandates the establishment of finance commission.

Ordinance to amend the IBC law

Union Cabinet has approved an ordinance to amend the
Insolvency and Bankruptcy law and this ordinance would be approved by the president.