Govt extends scope of 13th Fin Comm

The government mandates the 13th Finance Commission to map the road for fiscal accounting of liabilities on account of oil, food and fertiliser bonds.

The government on Thursday mandated the 13th Finance Commission to map the road for fiscal accounting of liabilities on account of oil, food and fertiliser bonds.

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"Cabinet has approved extension of Terms of Reference of 13th Finance Commission having regard to the need to bring liabilities of the central government on account of oil, food and fertiliser bonds into fiscal accounting," Information and Broadcasting Minister P R Dasmunsi told reporters in New Delhi.

The Commission, headed by Vijay Kelkar, would also review the impact of various other obligation of central government on the deficit target.