New Delhi, Nov 18 (IANS): N.K. Singh, the Chairman of the 15th Finance Commission on Monday said that the commission is yet to receive the additional terms of reference (TOR) for the newly formed union territories of Jammu and Kashmir and Ladakh.

Speaking at the sidelines of an event here, he mentioned that the extension of the current Finance Commission depends on the announcement of the additional terms of reference, adding that, he has not heard from the government as yet.

"We need an additional TOR because the character of J&K has changed. Earlier, the modelling would be on the basis of 29 states. Now the J&K has become a union territory, not a state. So, depending on the wordings of the terms of reference... the modelling changes from 29 to 28 state," Singh said.

"The reference has to come. We are awaiting that reference," he added.

Singh said that the commission will have to work on the devolution formula for the newly bifurcated union territories.