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The Centre has extended the term of the 14th Finance Commission by two months to December 31.
The YV Reddy headed commission--which was to originally submit its report by October 31--had sought two months extension.
The extension was being sought to examine financial projections, carry out consultations with the Government of Andhra Pradesh and Telangana in view of the additional term of reference to it.
"The proposal of extension of time period by two monhs for submission of report by the fourteenth finance commission has been considered and approved by the Cabinet", said an official release issued here on Saturday.
The Fourteenth Finance Commission report will cover the five year period April 1, 2015 to March 31, 2020.
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