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.
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 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.
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.
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).
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.
To find more Regional offices details, visit the official website Ministry of Finance.
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.
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.