New Delhi/November 1 (NG News)
Indian government on Saturday extended the term of 14th finance Commission by two months till December 31, 2014.
Indian Finance Ministry spokesperson said that the proposal of extension of time period by two months for submission of report by the Fourteenth Finance Commission has been considered and approved by the Cabinet on October 29, 2014.
“Accordingly, the President of India, on October 31, 2014 has issued order for extension of time for the Fourteenth Finance Commission by two months up to December 31, 2014,” the spokesperson said.
Earlier, the Commission had sought extension of time of two months for submission of its Report up to December 31, 2014 to examine financial projections, carry out consultations with the Government of Andhra Pradesh and Telangana in view of additional term of reference made to the Commission on 2nd June, 2014 to make recommendations for the successor states on reorganization of Andhra Pradesh in accordance with the Andhra Pradesh Reorganisation Act, 2014.
The Fourteenth Finance Commission has been constituted by the President of India on January 1, 2013 in pursuance of clause (1) of article 280 of the Constitution and Finance Commission (Miscellaneous Provisions) Act, 1951. The Commission was to submit its Report on the basis of its terms of reference by October 31, 2014 covering a period of five years from April 1, 2015 to March 31, 2020.