CURRENT AFFAIRS

Detailed explanation-1: -The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs. 1, 18, 452 crore to 17 States in the financial year 2021-22. Out of this, an amount of Rs. 98, 710 crore (83.33%) has been released so far.

Detailed explanation-2: -Total Revenue Deficit Grant of Rs. 98, 710 crore released to States in current Financial Year. The Department of Expenditure, Ministry of Finance, today released monthly Post Devolution Revenue Deficit (PDRD) Grant of Rs. 9, 871 crore to 17 States.

Detailed explanation-3: -The Centre provides the Post Devolution Revenue Deficit (PDRD) Grant to the States under Article 275 of the Indian Constitution. Article 275 provides for the payment of the sums as Parliament may by law provide as grants-in aid to the States in need of assistance.

Detailed explanation-4: -The Department of Expenditure under the Finance Ministry on Monday released the eight monthly instalment of the Post Devolution Revenue Deficit (PDRD) grant of Rs 7, 183.42 crore to fourteen states as per the recommendations of the Fifteenth Finance Commission.

Detailed explanation-5: -The Fifteenth Finance Commission (XV-FC or 15-FC) is an Indian Finance Commission constituted in November 2017 and is to give recommendations for devolution of taxes and other fiscal matters for five fiscal years, commencing 2020-04-01.