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15th FINANCE COMMISSION REPORT FOR FY 2020-21, Understanding the…
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Finance Commission
• Article 280 of the Constitution of India provides for a Finance Commission as a quasi judicial body.
• It is constituted by the President of Indian every fifth year or at such earkier time as he considers necessary
The chairman and four other members hold office for such period as specified by the President in his order.
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Grants-in-aid
In 2020-21, the following grants will be provided to states:
(i) revenue deficit grants,
(ii) grants to local bodies, and
(iii) disaster management grants. The Commission has also proposed a framework for sector-specific and performance-based grants.
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