With reference to the Fifteenth Finance Commission consider the following statements 1 It was consti...........

Indian Polity Constitutional Bodies

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With reference to the Fifteenth Finance Commission, consider the following statements:

1. It was constituted by the President of India under Article 280 of the Constitution.

2. The government is bound to accept Finance Commission report.

Which of the statements given above is/are correct?

1 only

2 only

Both

None

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Explanation:

The Finance Commission was constituted by the President of India under Article 280 of the Constitution on 27th of November 2017 to make recommendations for a period of five years from 1st April 2020 to 31 March 2025. Last month after a Cabinet decision, the Gazette Notification dated 27 November 2019 mandated the Commission to submit the report for the financial year 2020-21 by 30 November 2019 and then the final report for the period 1 April 2021 to 31 March 2026 by 30 October 2020. This has been necessitated after Article 370 of the Constitution was amended. Following this the State of Jammu & Kashmir was bifurcated into two Union Territories, Jammu & Kashmir and Ladakh. Thus, there was a need to change the terms of reference and extension of the term. The last time an interim report was submitted was during the term of 11th Finance Commission (2000-05), when the new States of Jharkhand, Uttarakhand and Chhattisgarh were created. Hence only statement 1 is correct.