Cabinet approves setting up of 15th finance panel

The Cabinet has approved the setting up of the 15th Finance Commission (FFC), which will recommend ways to distribute funds between the Centre and states. 

Addressing journalists after the Cabinet meeting on Wednesday, Finance Minister Arun Jaitley said the members of the commission and its terms of reference would be notified in due course. Recommendations would have to be in place before April 1, 2020, he said. “Normally, it takes two years for the finance panel to give its recommendations." 

The main terms of reference of the panel are mandated by Article 280 of the Constitution. The FFC might be