Ministry of Finance in India – वित्त मंत्रालय
The Ministry of Finance or MOF is basically a Ministry of the Indian Government that takes crucial decisions regarding the economy of India. It serves as the Treasury Department of India. In particular, the responsibilities of the Ministry of Finance are taxation, financial institutions, financial legislation, capital markets, state finances, center finances and also Union Budget.
The Government of India established the Ministry of Finance in the year 1946, on 29th October.
History of the Ministry of Finance
Independent India’s first Finance Minister was R.K. Shanmukham Chetty. In the year 1947, on 26th November, he presented independent India’s first budget. The current Finance Minister of India is Arun Jaitley.
The Ministry of Finance official website
The official website of the Finance Ministry is www.finmin.nic.in. It has its headquarters in New Delhi. All information regarding the responsibilities and achievements of the Ministry of Finance is available here.
Child agencies under the Ministry of Finance
1. Department of Financial Services
The Department of Financial Services takes care of Banks and Insurances as well as Financial Services. Several private corporations and government agencies offer these services. It also monitors pension reforms. The Pension Fund Regulatory and Development Authority or PFRDA functions under it. This Department’s current secretary is Dr. Hasmukh Adiha.
- Securities Appellate Tribunal, Mumbai, Maharashtra
- UTI Infrastructure Technology And Services Limited (UTIITSL)
- Debts Recovery Tribunal (DRT), Ranchi, Jharkhand
- General Insurance Corporation of India – GIC
- Industrial Finance Corporation of India – IFCI
- LIC – Life Insurance Corporation of India
- National Housing Bank (NHB)
- NICL – National Insurance Company Limited
- New India Assurance Company Limited – NIACL
- Jan-Dhan Se Jan Suraksha Portal
- PMJDY – Pradhan Mantri Jan-Dhan Yojana – National Mission for Financial Inclusion to ensure access to financial services
- Vidya Lakshmi Education Loan
- National Institute of Public Finance and Policy (NIPFP), New Delhi
Email Id: email@example.com
2. Department of Economic Affairs
The Department of Economic Affairs is the principal agency of the Central Government for formulating and monitoring India’s economic programmes and policies that determine the international as well as domestic facets of financial management. This Department also prepares and presents the Union Budget (even the Railway Budget).
- National Savings Institute – NSI
- Aid Accounts and Audit Division, New Delhi
- Empowered Committee of State Finance Ministers
- Board for Industrial and Financial Reconstruction – BIFR
- Foreign Investment Promotion Board – FIPB
- India Infrastructure Finance CompanyLimited – IIFCL
- Oriental Insurance Company Limited – OICL
- Security Printing and Minting Corporation of India Limited – SPMCIL
- United India Insurance Company Limited
- Database of infrastructure projects in India
- Economic Survey 2017 – 2018
- G20 India Secretariat, New Delhi
- Indian Economic Service – IES
- Public-Private Partnerships (PPP) in India
Contact Number: 23093881
Fax Number : 23092024
3. Department of Revenue
The Department of Revenue of the Ministry of Finance monitors matters related to the Indirect and Direct Union Taxes via statutory boards, namely, The Central Board of Indirect Taxes & Customs (CBIC) and the Central Board of Direct Taxes (CBDT). Each board has a Chairman who is its head.
Schemes, Programmes, and Missions
- Tax Information Exchange System (TINXSYS), Delhi
- Directorate of Enforcement
- Indian Agency Fighting Economic Crime
Regional and Field Offices
- Income Tax Department
- Goods and Services Tax – GST Commissionerate, Delhi South
- Commissionerate of Customs
To find more Regional offices details, visit the official website Ministry of Finance.
- Customs Commissionerate, ICD – Inland Container Depot, Tughlakabad, Delhi
- Seventh Central Pay Commission, New Delhi
- Competent Authority (CA), Chennai, Tamil Nadu
Telephone No: 011 – 23094595
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4. Department of Expenditure
The Department of Expenditure oversees the PFMS (Public Financial Management System) in the Union Government and also matters related to the finances. The Department of Expenditure’s current secretary is Ajay Narayan Jha.
- Director General of Audit – Central Expenditure
- Central Pension Accounting Office – CPAO
- Controller General of Accounts – CGA
- Chief Adviser Cost
- Expenditure Finance Committee – (EFC), Planning Commission
- Central Public Procurement Portal
- Swachh Bharat Kosh – (SBK) – Attracting the Corporate Social Responsibility – CSR funds for Swachh Bharat
Contact Number: 91-11-23092604
5. Department of Investment and Public Asset Management
The earlier name of the Department of Investment and Public Asset Management (DIPAM) was the Department of Disinvestment. Its responsibility is to manage the Centre’s disinvestments and investments. Its secretary is Neeraj Kumar Gupta.
- e-Granthalaya: Online Library Catalog, Ministry of Finance