Ministry of Finance (India)

Ministry of Finance
Agency overview
वित्त मंत्रालय
Emblem of India
North Block, Central Secretariat
Formed	29 October 1946
Jurisdiction	Government of India
Headquarters	Cabinet Secretariat Raisina Hill, New Delhi
Minister responsible	Arun Jaitley, Finance Minister
Agency executives	Arjun Ram Meghwal, Minister of State for Finance and Corporate Affair Santosh Gangwar, Minister of State for Finance
Child agencies	Department of Economic Affairs Department of Expenditure Department of Revenue Department of Financial Services Department of Disinvestment
Key documents	Union Budget Economic Survey
Website	finmin.nic.in

The Ministry of Finance is an important ministry within the Government of India concerned with the economy of India. In particular, it concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.

The following cadre controlling authority of the Civil Services (including Indian Revenue Service, Indian Economic Service, Indian Cost Accounts Service and Indian Civil Accounts Service) are under the administration and supervision of the Finance Ministry.

Arun Jaitley is the current Finance Minister of India.

History

R. K. Shanmukham Chetty was the first Finance Minister of independent India. He presented the first budget of independent India on November 26, 1947.^[1]

Organisational structure

The Union Finance Ministry of India comprises five departments.

Department of Economic Affairs

The Department of Economic Affairs (DEA) is the nodal agency of the Union Government to formulate and monitor country's economic policies and programmes having a bearing on domestic and international aspects of economic management. A principal responsibility of this Department is the preparation of the Union Budget annually (excluding the Railway Budget). Other main functions include:

Formulation and monitoring of macroeconomic policies, including issues relating to fiscal policy and public finance, inflation, public debt management and the functioning of Capital Market including Stock Exchanges. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilisation of small savings;
Monitoring and raising of external resources through multilateral and bilateral Official Development Assistance, sovereign borrowings abroad, foreign investments and monitoring foreign exchange resources including balance of payments;
Production of bank notes and coins of various denominations, postal stationery, postal stamps; and Cadre management, career planning and training of the Indian Economic Service (IES).

Shaktikanta Das is the current Secretary of this Department. ^[2]

Pranab Mukherjee, Former Finance Minister of India with Former US President George W. Bush .

Department of Expenditure

The Department of Expenditure is the nodal Department for overseeing the public financial management system in the Central Government and matters connected with the finances. The principal activities of the Department include pre-sanction appraisal of major schemes/projects (both Plan and non-Plan expenditure), handling the bulk of the Central budgetary resources transferred to States, implementation of the recommendations of the Finance and Central Pay Commissions, overseeing the expenditure management in the Central Ministries/Departments through the interface with the Financial Advisors and the administration of the Financial Rules / Regulations / Orders through monitoring of Audit comments/observations, preparation of Central Government Accounts, managing the financial aspects of personnel management in the Central Government, assisting Central Ministries/Departments in controlling the costs and prices of public services, assisting organisational re-engineering through review of staffing patterns and O&M studies and reviewing systems and procedures to optimize outputs and outcomes of public expenditure. The Department is also coordinating matters concerning the Ministry of Finance including Parliament-related work of the Ministry. The Department has under its administrative control the National Institute of Financial Management (NIFM), Faridabad.

The business allocated to the Department of Expenditure is carried out through its Establishment Division, Plan Finance I and II Divisions, Finance Commission Division, Staff Inspection Unit, Cost Accounts Branch, Controller General of Accounts, and the Central Pension Accounting.

Department of Revenue

The Department of Revenue functions under the overall direction and control of the Secretary (Revenue). It exercises control in respect of matters relating to all the Direct and Indirect Union Taxes through two statutory Boards namely, the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC). Each Board is headed by a Chairman who is also ex officio Special Secretary to the Government of India ( Secretary level). Matters relating to the levy and collection of all Direct taxes are looked after by the CBDT whereas those relating to levy and collection of Customs and Central Excise duties and other Indirect taxes fall within the purview of the CBEC. The two Boards were constituted under the Central Board of Revenue Act, 1963. At present, the CBDT has six Members and the CBEC has five Members. The Members are also ex officio Secretaries to the Government of India. Members of CBDT are as follows:

Member (Income Tax)
Member (Legislation and Computerisation)
Member (Revenue)
Member (Personnel & Vigilance)
Member (Investigation)
Member (Audit & Judicial)

Dr. Hasmukh Adhia is the current Secretary of this Department ^[3]

Department of Financial Services

The Department of Financial Services covers Banks, Insurance and Financial Services provided by various government agencies and private corporations. It also covers pension reforms and Industrial Finance and Micro, Small and Medium Enterprise. It started the Pradhan Mantri Jan Dhan Yojana in 2014. PFRDA, Pension Fund Regulatory and Development Authority (PFRDA) is a statutory body which also works under this department.

Department of Investment and Public Asset Management

The Department of Disinvestment has been renamed as Department of Investment and Public Asset Management or 'Dipam', a decision aimed at proper management of Centre's investments in equity including its disinvestment in central public sector undertakings.Finance Minister Arun Jaitley had announced renaming of the Department of Disinvestment in his budget speech for 2016-17.Initially set up as an independent ministry (The Ministry of Disinvestment) in December 1999, the Department of Disinvestments came into existence in May 2004 when the ministry was turned into a department of the Ministry of Finance. The department took up all the functions of the erstwhile ministry which broadly was responsible for systematic policy approach to disinvestment and privatisation of Public Sector Units (PSUs).

References

↑ Bharadwaj. Study Package For Clat. Tata McGraw-Hill Education. p. 248. ISBN 0070699372, ISBN 978-0-07-069937-3.
↑ "Department of Economic Affairs - Contact Us : Ministry of Finance, Government of India". finmin.nic.in. Retrieved 2016-02-26.
↑ "Revenue Secretary |". dor.gov.in. Retrieved 2016-02-26.

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