Ministry of Finance INDIA

8/13/2019 Ministry of Finance INDIA

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MINISTRY OF

FINANCEGOVERNMENT OF INDIASubmitted To,

Prof Raimand Simon

Submitted By,

Ginu L Prakash

Subin Louis


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FINANCE MINISTER

CHIDAMBARAM SHRI PALANIAPPAN


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The Ministry of Financeis an important ministry within the Government of India.

Concerned with:

Taxation,

Financial legislation,

Financial institutions,

Capital markets,

Centre and state finances, and the Union Budget.

Key Documents:

Union Budget

Economic Survey

R. K. Shanmukham Chetty was the first Finance Minister of independent India.


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The Union Finance Ministry of India comprises five departments.

1. Department of Economic Affairs

2. Department of Expenditure3. Department of Revenue

4. Department of Financial Services

5. Department of Disinvestments


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1. Department of Economic Affairs

Formulate and monitor country's economic policies and programmes.

A principal responsibility - preparation of the Union Budget annually.

Formulation and monitoring of macroeconomic policies

Monitoring and raising of external resources through sovereign borrowings

abroad, foreign investments and monitoring foreign exchange resources including

balance of payments;

Production of bank notes (Rs1)and coins of various denominations, postal

stationery, postal stamps; and Cadre management, career planning and training of

the Indian Economic Service (IES).


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2. Department of Expenditure

Department for overseeing the public financial management system in the Central

Government .

The principal activities of the Department include

Pre-sanction appraisal of major schemes/projects (both Plan and non-Plan expenditure),

Handlingthe bulk of the Central budgetary resources transferred to States,

Implementationof the recommendations of the Finance and Central Pay Commissions,

Overseeing the expenditure management in the Central Ministries,

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.


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3. Department of Revenue

It exercises controlin respect of matters relating to all the Direct and Indirect

Union Taxesthrough two statutory Boards namely,

The Central Board of Direct Taxes (CBDT) and

The Central Board of Excise and Customs (CBEC).

Matters relating to thelevy 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.


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4. Department of Financial Services

The Department of Financial Services covers

Banks,

Insurance and

Financial Services provided by various government agencies and private

corporations.

pension reforms and

Industrial Finance and Micro, Small and Medium Enterprise.


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5. Department of Disinvestments

Initially set up as an independent ministry (The Ministry of Disinvestment) inDecember 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).


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Thank You..!

Ministry of Finance INDIA

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