15th Finance Commission (A-280 by President):
-- Chairman: NK Singh
-- 1st FC: KC Neogy
-- 14th FC: YV Reddy
-- Duration: 2021-22 to 2025-26
-- Vertical Devolution: Share of states in Central Taxes => 41%
-- Horizontal Devolution Criteria:
1) Income Distance: 45%
2) Area: 15%
3) Population (2011 Census): 15%
4) Demographic Performance: 12.5%
5) Forest and Ecology: 10%
6) Tax and Fiscal Efforts: 2.5%

Key Recommendations:
1) Fiscal Deficit:
-- Centre => Bring down to 4% by 2025-26
-- State => 4%(2021-22); 3.5%(2022-23); 3%(2023-26)
-- Extra annual borrowing worth 0.5% of GSDP allowed first 4 years -- Condition - Power Sector Reforms
2) Modernisation fund for Defence and internal security(Non-lapsable):
-- Corpus: Rs. 2.4 lakh CR 9ver 5 years ( Rs 1.5 lakh Cr from Consolidated Fund of India and Rest - disinvestment of defence PSEs, monetisation of defense land)
3) Health:
-- State should increase spending on health more than 8% of their budget by 2022
-- Public Expenditure on health should be increased to 2.5% of the GDP by 2025
4) Revenue Feficit Grants => 17 states (Rs. 2.9 lakh CR) to eliminate Revenue Deficit
5) Grants to Local Bodies => Rs. 4.36 lakh Crore
6) Disaster Risk Management => Cost Sharing pattern Centre:State
90:10 == NE and Himalayan State
75:25 == Rest India
-- State Disaster Mgt Fund => Corpus - Rs. 1.6 lakh Cr
7) Commission observed:
Recommended path for fiscal deficit will reduce liabilities
-- Centre: 62.9%(2020-21) to 56.6%(2025-26) of GDP
-- State: 33.1% to 32.5% of GDP

-- Fifteenth Finance Commission was constituted on 27 November 2017.
-- As per the constitution, the commission is appointed every five years and consists of a chairman and four other members.

#revision_notes

Convention on International Trade in Endangered Species of Wild Fauna & Flora(CITES):
- Aka Washington Convention
- (multilateral treaty) between governments
- result of a resolution adopted by members of IUCN in 1973
- entered into force in 1975
- aim is to ensure that international trade in specimens of wild animals and plants does not threaten their survival
- States that have agreed to be bound by the Convention are known as Parties
- CITES is legally binding on the Parties. However, it does not take the place of national laws.

Appendices:
□ Appendix I=>
- species threatened with extinction,
- Trade in specimens of these species is permitted only in exceptional circumstances.
□ Appendix II=>
- species not necessarily threatened with extinction, but in which trade must be controlled in order to avoid utilization incompatible with their survival,
- At each regular meeting of the CoP, Parties submit proposals to amend these two Appendices,
- Those amendment proposals are discussed and then submitted to a vote.
□ Appendix III=>
- species that are protected in at least one country, which has asked other CITES Parties for assistance in controlling the trade.

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