Current Affairs

Advisory Council constituted by 15th Finance Commission

The Central government has constituted an Advisory Council to advise the 15th Finance Commission on matters related to its Terms of Reference.

  • The Council would assist the Commission in the preparation of any paper or research study. It would enhance the Commission's understanding on the issues containing in its ToR (Terms of Reference).
  • It will also help commission in broadening its ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations.
  • Any change in ToR will be made by Central Government with the assent of the President.
  • The recommendations of 15th Finance Commission will come into effect from 1 April 2020.
  • The ToR of 15th Finance Commission have drawn protests from many states, especially from southern ones, over its mandate to use 2011 Census data over 1971 Census data for resource allocation.
  • The Advisory Council will have the following members-
  1. Arvind Virmani
  2. Surjit S. Bhalla
  3. Sanjeev Gupta
  4. Pinaki Chakraborty
  5. Sajjid Chinoy
  6. Neelkanth Mishra

Expected Questions

Question 1. Who establishes the Finance Commission in India?
President

Question 2. When was the 15th Finance Commission set up?
Nov 2017

Question 3. What is the term of a Finance Commission?
5 years

Question 4. Which Article deals with the formation of the Finance Commission?
Article 280

Question 5. How many Finance Commission have been set up so far?
15

Advisory Council constituted by 15th Finance Commission Advisory Council constituted by 15th Finance Commission Reviewed by Aman Bhatia on May 11, 2018 Rating: 5

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