Finance Commission term may be extended by three months

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The high-powered panel, led by former RBI Governor YV Reddy, is at present expected to submit its report by October 31, 2014. Reuters The high-powered panel, led by former RBI Governor YV Reddy, is at present expected to submit its report by October 31, 2014. Reuters
SummaryThe term of the Fourteenth Finance Commission is likely to be extended by at least three months.

Centre enough time to review the report and reflect its recommendations in the Union Budget next year

* The recommendations of the Fourteenth Finance Commission would be applicable for the five-year period commencing from April 1, 2015

* Traditionally, the Finance Commission submits its

report to the President, which is then approved by the Union Cabinet and tabled in Parliament

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