The Ministry of Finance in India – FINMIN

finance ministry

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.finance minister of india

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 websiteministry of finance

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.finmin

Autonomous and Apex Institutions

Companies

  • UTI Infrastructure Technology And Services Limited (UTIITSL)
Statutory Bodies
PSUs and Joint Ventures
  • Debts Recovery Tribunal (DRT), Ranchi, Jharkhand
  • General Insurance Corporation of India – GIC
  • Industrial Finance Corporation of India – IFCI
  • LICLife Insurance Corporation of India
  • National Housing Bank (NHB)
  • NICL – National Insurance Company Limited
  • New India Assurance Company Limited – NIACL
Schemes, Programmes, and Missions
Academies and Institutions
  • National Institute of Public Finance and Policy (NIPFP), New Delhi

Email Id: wim-dfs@nic.in

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).

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Attached Offices
  • National Savings Institute – NSI
Divisions, Units, and Wings
  • Aid Accounts and Audit Division, New Delhi
Commissions, Committees, and Missions
  • Empowered Committee of State Finance Ministers
PSUs and Joint Ventures
  • 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
Schemes, Programmes, and Missions
  • 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
Intercom: 5039
Fax Number : 23092024 
Email: jsabc-dea@nic.in

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.department of revenue

Schemes, Programmes, and Missions

  • Tax Information Exchange System (TINXSYS), Delhi
Attached Offices
  • Directorate of Enforcement
  • Indian Agency Fighting Economic Crime

Regional and Field Offices

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

Commissions, Committees, and Missions
  • Customs Commissionerate, ICD – Inland Container Depot, Tughlakabad, Delhi
  • Seventh Central Pay Commission, New Delhi
Statutory Bodies
PSUs and Joint Ventures

Telephone No: 011 – 23094595
Email Id: jsrev@nic.in

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.department of expenditure

Attached Offices
  • Director General of Audit – Central Expenditure
Subordinate Offices
  • Central Pension Accounting Office – CPAO
  • Controller General of Accounts – CGA
Divisions, Units, and Wings
  • Chief Adviser Cost
Commissions, Committees, and Missions
  • Expenditure Finance Committee – (EFC), Planning Commission
Statutory Bodies
Schemes, Programmes, and Missions
  • 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.dipam-ministry of finance

Schemes, Programmes, and Missions
  • e-Granthalaya: Online Library Catalog, Ministry of Finance

Ministry of Finance Website: https://www.finmin.nic.in
Facebook: https://www.facebook.com/finmin.goi
Twitter: https://twitter.com/FinMinIndia