Ministry of Finance India Overview
The Ministry of Finance India looks after the various financial affairs of the state of India. The Ministry of Finance India is responsible for monitoring the various aspects of the Indian economy. The Ministry of Finance India operates through various departments.
Ministry of Finance India Departments
The departments of the Ministry of Finance India enables the Ministry to carry out its functions properly. These departments help the Ministry of Finance India to regulate the various financial and economic workings. These departments could be enlisted below:
Department of Economic Affairs
Department of Disinvestment
Department of Expenditure
Department of Financial Services
Department of Revenue
Ministry of Finance India Department of Economic Affairs
Following are the principal functions of the Department of Economic Affairs of the Ministry of Finance India:
- Cadre management, career planning and training of the Indian Economic Service (IES)
- Formulation and monitoring of economic policies at the macro level inter alia relating to the functioning of Capital Market including Stock Exchanges
- Production of bank notes and coins of various denominations, postal stationery, postal stamps, etc
- Raising of external resources through Official Development Assistance (multilateral and bilateral) and commercial borrowings abroad, foreign investment, husbanding of foreign exchange resources including balance of payment
- Raising internal resources through taxation, market borrowings, regulation of money supply and mobilization of small savings
Ministry of Finance India Department of Expenditure
The Department of Expenditure of the Ministry of Finance India formulates policies and procedures for a variety of issues related to expenditure. Some of the main areas are as follows:
- National E-Governance Plan ( NeGP )
- Employments of Consultants
- Purchase of Goods
- Works Contracts
The Department of Expenditure of the Ministry of Finance India also makes some general financial rules. Some of them may be mentioned as follows:
- Rules on Advances to Government Servants
- Building Document for Works
- Standard Request for Proposals
Ministry of Finance India Department of Revenue
The Department of Revenue monitors all the matters, that are related to direct and indirect taxes. Their functions are performed by the two following statutory boards:
- Central Board of Direct Taxes
- Central Board of Customs and Central Excise
Ministry of Finance India Department of Financial Services
The Department of Financial Services looks at the following sectors of the Indian economy:
- Banking
- Pension Reforms
- Insurance
Ministry of Finance India Department of Disinvestment
The Department of Disinvestment performs the following functions:
- Formulates financial policy in regard to the utilization of the proceeds of disinvestment channelized into the National Investment Fund
- Works on all matters relating to disinvestment of Central Government equity from Central Public Sector Undertakings
- Implements the disinvestment decisions, including appointment of advisers, pricing of shares, and other terms and conditions of disinvestment
- Works on all matters relating to sale of Central Government equity through offer for sale or private placement in the erstwhile Central Public Sector Undertakings
- Performs Central Public Sector Undertakings for purposes of disinvestment of Government equity only
Takes decisions on the recommendations of the Disinvestment Commission on the modalities of disinvestment, including restructuring