The 15th Finance Commission chaired by N K Singh, on Monday submitted its report for FY2021-22 to FY2025-26 to Indian President Ram Nath Kovind. The report titled 'Finance Commission in Covid Times' was submitted by Singh along with members of the Commission  Ajay Narayan Jha, Anoop Singh, Ashok Lahiri and Ramesh Chand. The finance Commission had submitted its report containing recommendations for 2020-21 last year which was accepted by the Union Government and passed in Parliament on January 30, 2020.

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 "15th Finance Commission led by Chairman N K Singh, today submitted its report for the period 2021-22 to 2025-26 to the Hon'ble President of India," an official statement said. As per the terms of reference (ToR), the Commission was mandated to give its recommendations for five years from 2021-22 to 2025-26. The Commission was asked to give its recommendations on wide-ranging issues affecting the nation. Other than the vertical and horizontal tax devolution, local government grants, disaster management grant,and also the commission was asked to examine and recommend performance incentives for states in many areas like power sector, adoption of direct benefit transfer, solid waste management etc. It was also asked to examine whether a separate mechanism for defence funding and internal security ought to be set up and if so how such a mechanism could be operationalised. 

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The report was submitted in four volumes. Volume I and II contains the main report and the accompanying annexes. Volume III is dedicated to the Union Government and examines key departments in greater depth, with the medium-term challenges and the road map ahead. Volume IV is entirely devoted to states. Hint was given to the public in the way of cover and title of the report, the use of scales on the cover indicates the balance between the states and the Union. 

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