Ministry of Finance (India) - Revision history

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	===Department of Economic Affairs===		===Department of Economic Affairs===
	The Department of Economic Affairs 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 and presentation of the Union Budget to the parliament and budget for the state Governments under President's Rule and union territory administrations. Other main functions include:		The Department of Economic Affairs 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 and presentation of the Union Budget to the parliament and budget for the state Governments under President's Rule and union territory administrations. 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 exchange\|Stock Exchanges]]. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilisation of small savings;		* 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 exchange\|Stock Exchanges]]. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilisation of small savings;
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	The Foreign Investment Promotion Board (FIPB), housed in the Department of Economic Affairs, Ministry of Finance, was an inter-ministerial body, responsible for processing of FDI proposals and making recommendations for Government approval. FIPB is now abolished as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha.<ref>{{cite web \|url=http://www.fipbindia.com/index.php \|title=Archived copy \|access-date=2011-05-16 \|url-status=dead \|archive-url=https://web.archive.org/web/20110828111509/http://www.fipbindia.com/index.php \|archive-date=28 August 2011 \|df=dmy-all }}</ref>		The Foreign Investment Promotion Board (FIPB), housed in the Department of Economic Affairs, Ministry of Finance, was an inter-ministerial body, responsible for processing of FDI proposals and making recommendations for Government approval. FIPB is now abolished as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha.<ref>{{cite web \|url=http://www.fipbindia.com/index.php \|title=Archived copy \|access-date=2011-05-16 \|url-status=dead \|archive-url=https://web.archive.org/web/20110828111509/http://www.fipbindia.com/index.php \|archive-date=28 August 2011 \|df=dmy-all }}</ref>

	Shri tarun bajaj is the current [[Secretary to Government of India\|secretary]] of this department.<ref>{{Cite web\|url=https://dea.gov.in/secretary-department-economic-affairs\|title=Meet the Secretary {{!}} Department of Economic Affairs {{!}} MoF {{!}} GoI\|website=dea.gov.in\|access-date=2020-03-03}}</ref>[[File:Bush meets Pranab Mukherjee.jpg\|thumb\|[[Pranab Mukherjee]], Former [[Finance Minister of India]] with Former [[US President]] [[George W. Bush]] .]]		Shri tarun bajaj is the current [[Secretary to Government of India\|secretary]] of this department.<ref>{{Cite web\|url=https://dea.gov.in/secretary-department-economic-affairs\|title=Meet the Secretary {{!}} Department of Economic Affairs {{!}} MoF {{!}} GoI\|website=dea.gov.in\|access-date=2020-03-03}}</ref>[[File:Bush meets Pranab Mukherjee.jpg\|thumb\|[[Pranab Mukherjee]], Former [[Finance Minister of India]] with Former [[US President]] [[George W. Bush]].]]

	===Department of Expenditure===		===Department of Expenditure===
	The Department of Expenditure is the nodal ~~Department~~ for overseeing the public financial management system [https://knowledgeinhindi.co.in/pfms-kya-hai-or-yeh-kaise-kaam-karta-hai-in-hindi/ ('''PFMS''')] in the Central Government and matters connected with the state finances. The principal activities of the ~~Department~~ include a 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 Commission]]s, 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 organizational re-engineering thorough 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 Department of Expenditure is the nodal department for overseeing the public financial management system [https://knowledgeinhindi.co.in/pfms-kya-hai-or-yeh-kaise-kaam-karta-hai-in-hindi/ ('''PFMS''')] in the Central Government and matters connected with the state finances. The principal activities of the department include a 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 Commission]]s, 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 organizational re-engineering thorough 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.		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.

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Created page with "{{more citations needed|date=January 2013}} {{Use Indian English|date=May 2013}} {{Use dmy dates|date=December 2015}} {{Infobox government agency | agency_name = Ministry of F..."

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{{more citations needed|date=January 2013}}
{{Use Indian English|date=May 2013}}
{{Use dmy dates|date=December 2015}}
{{Infobox government agency
| agency_name = Ministry of Finance
| seal = Emblem_of_India.svg
| seal_width = 70px
| seal_caption = [[Emblem of India]]
| nativename_a =
| formed = {{Start date and age|df=yes|1946|10|29}}
| picture = NorthBlockNewDelhi.JPG
| picture_width =
| picture_caption = North Block, [[Secretariat Building, New Delhi|Central Secretariat]]
| preceding1 =
| jurisdiction = [[Prime Minister of India]]
| headquarters = [[North Block|Cabinet Secretariat]] [[Raisina Hill]], [[New Delhi]]
| latd =
| latm =
| lats =
| latNS =
| longd =
| longm =
| longs =
| longEW =
| employees =
| budget =
| minister1_name = [[Nirmala Sitharaman]], [[Cabinet Minister]]
| deputyminister1_name = [[Bhagwat Karad]]
| deputyminister1_pfo = [[Minister of State]]
| deputyminister2_name =[[Pankaj Choudhary]]
| deputyminister2_pfo = [[Minister of State]]
| chief1_name = [[T. V Somanathan]], [[Indian Administrative Service|IAS]]
| chief1_position = [[Finance Secretary]] & [[Expenditure Secretary]]
| chief2_name = [[Ajai Seth]], [[Indian Administrative Service|IAS]]
| chief2_position = Economic Affairs Secretary
| chief9_name =
| chief9_position =
| parent_department =
| child1_agency = Department of Economic Affairs
| child2_agency = Department of Expenditure
| child3_agency = Department of Revenue
| child4_agency = Department of Financial Services
| child5_agency = Department of Investment and Public Asset Management
| child6_agency = Department of Public Enterprise
| keydocument1 = [http://indiabudget.nic.in/budget.asp Union Budget]
| keydocument2 = [http://indiabudget.nic.in/survey.asp Economic Survey]
| website = [http://finmin.nic.in/ finmin.nic.in]
| logo = Minfinbanner.jpg
| chief3_name = [[Tarun Bajaj]], [[Indian Administrative Service|IAS]]
| chief3_position = [[Secretary to Government of India|Secretary]] (Revenue Secretary)
| chief4_name = [[Debasish Panda]], [[Indian Administrative Service|IAS]]
| chief4_position = [[Secretary to Government of India|Secretary]] (Financial Services)
| chief5_name = [[Tuhin Kanta Pande]], [[Indian Administrative Service|IAS]]
| chief5_position = [[Secretary to Government of India|Secretary]] (Investment and Public Asset Management)
| chief6_name = [[Krishnamurthy Subramanian]]
| chief6_position = [[Chief Economic Adviser to the Government of India|Chief Economic Adviser]]
| chief7_name =
| chief7_position =
| chief8_name =
| chief8_position =
}}

The '''Ministry of Finance''' ([[International Alphabet of Sanskrit Transliteration|IAST]]: ''Vitta Maṃtrālaya'') is a ministry within the [[Government of India]] concerned with the [[economy of India]], serving as the Indian Treasury Department. In particular, it concerns itself with [[taxation]], financial legislation, financial institutions, capital markets, [[Central government|centre]] and [[State government|state]] finances, and the [[Union budget of India|Union Budget]].<ref>{{Cite web|url=https://www.finmin.nic.in/#|title=Home {{!}} Ministry of Finance {{!}} GoI|website=www.finmin.nic.in|access-date=2020-03-16}}</ref>

The Ministry of Finance is the apex controlling authority of the [[Indian Revenue Service]], [[Indian Economic Service]], Indian Cost Accounts Service and [[Indian Civil Accounts Service]].

==History==
[[R. K. Shanmukham Chetty]] was the first [[Finance minister|Finance Minister]] of independent India. He presented the first budget of independent India on 26 November 1947.<ref name="clatp248">{{cite book|title=Study Package For Clat|author=Bharadwaj|pages=248|publisher=Tata McGraw-Hill Education|ISBN=978-0-07-069937-3}}</ref>

==Organisational structure==
The Union Finance Ministry of India comprises six departments.<ref>{{Cite web|url=http://finmin.nic.in/about-ministry|title=About Ministry|website=Ministry of Finance, [[Government of India]]|language=en|access-date=15 January 2018}}</ref>

===Department of Economic Affairs===
The Department of Economic Affairs 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 and presentation of the Union Budget to the parliament and budget for the state Governments under President's Rule and union territory administrations. 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 exchange|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).

The Foreign Investment Promotion Board (FIPB), housed in the Department of Economic Affairs, Ministry of Finance, was an inter-ministerial body, responsible for processing of FDI proposals and making recommendations for Government approval. FIPB is now abolished as announced by Finance Minister Arun Jaitley during 2017-2018 budget speech in Lok Sabha.<ref>{{cite web |url=http://www.fipbindia.com/index.php |title=Archived copy |access-date=2011-05-16 |url-status=dead |archive-url=https://web.archive.org/web/20110828111509/http://www.fipbindia.com/index.php |archive-date=28 August 2011 |df=dmy-all }}</ref>

Shri tarun bajaj is the current [[Secretary to Government of India|secretary]] of this department.<ref>{{Cite web|url=https://dea.gov.in/secretary-department-economic-affairs|title=Meet the Secretary {{!}} Department of Economic Affairs {{!}} MoF {{!}} GoI|website=dea.gov.in|access-date=2020-03-03}}</ref>[[File:Bush meets Pranab Mukherjee.jpg|thumb|[[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 [https://knowledgeinhindi.co.in/pfms-kya-hai-or-yeh-kaise-kaam-karta-hai-in-hindi/ ('''PFMS''')] in the Central Government and matters connected with the state finances. The principal activities of the Department include a 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 Commission]]s, 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 organizational re-engineering thorough 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.

Dr. T. V. Somanathan is the current [[Secretary to Government of India|secretary]] of this department.<ref>{{Cite web|url=https://doe.gov.in/whos-who|title=Who's Who }}</ref>

===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 Indirect Taxes and Customs]] (CBIC). 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 GST, Customs Duty, Central Excise duties and other Indirect taxes fall within the purview of the CBIC. The two Boards were constituted under the Central Board of Revenue Act, 1963. At present, the CBDT has six Members and the CBIC 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)
[[Tarun Bajaj]] is the current [[Secretary to Government of India|secretary]] of this department, His predecessor was [[Ajay Bhushan Pandey]].<ref>{{cite web |title=Current Affairs 2021 |url=https://pendulumedu.com/current-affairs/daily-current-affairs-1-march-2021 |website=PendulumEdu |publisher=PendulumEdu |access-date=1 March 2021}}</ref><ref>{{Cite web|url=http://dor.gov.in/revenue-secretary|title=Revenue Secretary|website=Department of Revenue, [[Government of India]]|access-date=15 January 2018}}</ref>

===Department of Financial Services===
The [[Department of Financial Services (India)|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]].

PFRDA, Pension Fund Regulatory and Development Authority (PFRDA) is a statutory body which also works under this department.

Shri Debasish Panda is the current [[Secretary to Government of India|secretary]] of this department.<ref>{{Cite web|url=https://financialservices.gov.in/about-us/about-the-department|title=About the Department }}</ref>

===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 the proper management of Centre's investments in equity including its disinvestment in central public sector undertakings. Finance Minister Arun Jaitley had announced the 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 a systematic policy approach to disinvestment and [[privatisation]] of [[Public Sector]] Units (PSUs).

Tuhin Kanta Pandey is the current [[Secretary to Government of India|secretary]] of this department.<ref>{{Cite web|url=http://dipam.gov.in/whos-who-1|title=Who's who|website=Department of Investment and Public Asset Management|access-date=15 January 2018}}</ref>

'''Department of Public Enterprises'''

Department of Public Enterprises which was earlier part of the Ministry of Heavy Industries and Public Enterprises will now be under Ministry of Finance. Finance Ministry will now have six departments while DPE's hereto parent ministry, the Ministry of Heavy Industries and Public Enterprises will now be called the Ministry of Heavy Industries. The shift of DPE to the Finance Ministry will help in efficient monitoring of the capital expenditure, asset monetisation and financial health of the Central Public Sector Enterprises (CPSEs).[https://www.moneycontrol.com/news/business/economy/finmin-gets-bigger-department-of-public-enterprises-now-part-of-finance-ministry-7138721.html]

== See also ==
* [[National Institute of Public Finance and Policy]]

==References==
{{Reflist}}

==External links==
* [http://www.finmin.nic.in/ Finance Ministry]
* [https://www.facebook.com/finmin.goi/ Official Facebook Page of Ministry of Finance, Govt. of India]
* [http://incometaxindia.gov.in/ Income Tax department]
* [https://web.archive.org/web/20070528020343/http://www.cbec.gov.in/ Central Board of Excise and Customs]
* [https://knowledgeinhindi.co.in/pfms-kya-hai-or-yeh-kaise-kaam-karta-hai-in-hindi/ What is PFMS]

{{Ministry of Finance (India)}}
{{Union ministries of India}}
{{Economy of India topics}}

{{authority control}}

[[Category:Ministry of Finance (India)| ]]
[[Category:Government ministries of India|Finance]]
[[Category:Finance in India]]
[[Category:Finance ministries|India]]