The Ministry of Finance serves as the Indian Treasury Department and is a ministry within the Government of India and is the apex controlling authority of the Indian Revenue Service, Indian Economic Service, Indian Cost Accounts Service and Indian Civil Accounts Service. The Ministry of Finance concerns itself with taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.
Though the Finance Department was given a measure of control over the Indian finances, yet the Secretary of State for India has full power to exercise control over the entire revenue and expenditure of the Government of India.
Functions of the Finance Ministry
- The administration of the matters affecting the country as a whole like inflation and recession and administering the finances of the Central Government.
- Regulating the taxation and borrowing policies of the Government and raising the necessary revenues for carrying the administration.
- The administration of problems relating to banking and currency.
- Controlling the entire expenditure of the Government in cooperation with the Administrative Ministries and their departments concerned.
The six departments the Union Finance Ministry comprises are as follows
- Department of Economic Affairs
The Department of Economic Affairs of the Ministry of Finance, headed by a Secretary, is one of the most important Departments of the Ministry. It monitors the economic trends in the country and advises the Government on all matters pertaining to internal and external economic management including the working of commercial banks, investment regulations, external assistance to term-lending institutions.
- Department of Expenditure
The Department is responsible for financial rules and regulations, delegation of financial powers, financial sanctions relating to all Ministries and offices of the Government of India, advice to Ministries and government undertakings on Cost Account matters, expenditure proposals relating to the Delhi Administration, Indian Audit and Accounts Department, Defence Accounts Department, Local Taxation, State Finance, Capital Budget, Planning and Development Finance.
- Department of Revenue
The Department of Revenue is responsible for all the matters relating to the Central Board of Revenue, Customs, Income Tax, Central Excise, Sales Tax, Insurance, Opium, and Stamp Duties on bills of exchange, cheques, promissory notes, etc.
- 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.
- 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.
- Department of Public Enterprises
The Department of Public Enterprises which was earlier part of the Ministry of Heavy Industries and Public Enterprises is now under the Ministry of Finance. The Finance Ministry now has six departments while DPE’s parent ministry, the Ministry of Heavy Industries and Public Enterprises will now be called the Ministry of Heavy Industries.
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
If you are interested in participating in the same, do let me know.
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We also have a Facebook Group Restarter Moms for Mothers or Women who would like to rejoin their careers post a career break or women who are enterpreneurs.
We are also running a series Inspirational Women from January 2021 to March 31,2021, featuring around 1000 stories about Indian Women, who changed the world. #choosetochallenge