The Union Cabinet on Wednesday approved the setting up of the 15th Finance Commission in the 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 divide between the Centre and the state. The UPA government constituted the 14th Finance Commission in January 2014. Former RBI governor Y V Reddy was Commission’s chairman.
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