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|June 26, 1998||
11th Finance Commission cleared
The 11th Finance Commission has been approved.
The panel, to be set under Article 280 of the Constitution, is to give its report in 1999. It will be effective from Budget 2000. The 10th Finance Commission report is valid till then.
There are some changes demanded of the Commission this time though.
The 11th Finance Commission, unlike previous incarnations, will be expected to report on measures necessary to augment the consolidated funds of the states for devolution of financial resources to panchayats and municipalities.
These funds will depend on reports provided by state financial commissions. This is being done in line with an amendment of Article 280 sometime after the 10th Finance Commission was set up.
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