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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..!
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