The Government of India replaced the Planning Commission with a new institution named the NITI Aayog (National Institution for Transforming India), which come into existence on :
(1) 15 August 2000
(2) 1 January 2015
(3) 26 January 2018
(4) 30 March 2010

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The Government of India replaced the Planning Commission with a new institution named NITI Aayog. NITI Aayog stands for National Institution for Transforming India. The NITI Aayog came into existence on 1 January 2015.
Before the establishment of NITI Aayog, the Planning Commission operated for 65 years as it was formed in March 1950 and got replaced on 1 Jan 2015.
The Planning Commission was set up in March 1950 by a simple resolution of the Government of India. The Prime Minister was its Chairperson.