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Ministry Of Finance
The Ministry of Finance is a prominent falling under the Indian Government and is concerned with financial legislation, taxation, capital markets, financial institutions, state and centre finances capital markets as well as the Union Budgets.
Scope of Finance
Finance is the major source of the country and it is extremely important to take care of the inflow and outflow of the Finances. The Ministry of Finance controls the authority of Civil services which includes Indian Economic Service, Indian Revenue Service, Indian Civil accounts Service and Indian Cost accounts service.
The present Finance Minister of the country is P. Chidambaram.
History
The premier Finance Minister of India after independence was RK Shanmukham Chetty. The first budget of the country after independence was presented by him on 26th November, 1947.
Departmental Structure
There are five departments functioning under the Union Finance Ministry of the country as follows:
It is the major agency of Union Government for formulating and monitoring the economic policies as well as programs related to economic management on national and international levels. The prominent responsibility of this Department is preparing the annual Union Budgets.
It is the department meant to oversee the financial management system of public at the centre and matters related to it. The major activities of Department are pre-sanction appraisal of important projects or schemes to handle bulk budgetary resources of centre being transferred to States. Besides, it takes care of implementing the Finance and Central Pay Commissions and looking after the financial factors of personnel management at the centre. Department of Expenditure coordinates matters concerned with Ministry of Finance like Parliament-related work etc.
This Department has its functioning under the control and supervision of Secretary of Revenue. It controls matters related to Direct as well as indirect Union Taxes through central Board of Excise and Customs and Central Board of Direct Taxes. Matters related to collection of levy and Direct taxes are under CBDT.
This Department has to look into the matters of Banks, Financial Services and Insurances made by several agencies of governments as well as private corporations. It also takes care of pension reforms, small and medium enterprises and Industrial Finance.
This department was incorporated as an independent ministry in December 1999, but was transferred as a department of Ministry of Finance later. This department had taken up all the functions of former ministry which took the responsibility of systematic policy approach for privatization of PSUs or public sector units or disinvestment.
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