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Ministry Of Finance In India Research Team | Posted On Thursday, December 27,2018, 11:41 AM

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Ministry Of Finance In India



Ministry of Finance in India:

The Ministry of Finance is a Central Body within the government. The scope of the ministry of finance involves taxation, financial legislation, capital market, center and state finances, and the Union Budget. It is an important ministry in the government and it serves as the Indian treasury department. The ministry of finance has an online portal where users can get access to information related to the various departments of ministry like the department of economic affairs, expenditure, revenue, financial services, and disinvestments. Various information and details related to the act, rules, documents, reports, Minister of State (revenue) are also provided on this website.

Ministry of finance circulars:

The ministry of finance publishes circulars/orders related to various important matters. A user can get access to these circulars by visiting the official website of the ministry of finance where the circulars are listed under the notification section on their home page. The following headings are listed under the circular section:

  • appraisal and approval
  • pay related matters
  • HRA
  • expenditure management
  • HRA, CCA and Hard area allowance
  • Dearness allowances
  • Transport allowance
  • Overtime allowance
  • Provision of telephones
  • traveling allowance and related matters
  • air travel instructions
  • staff car rules
  • delegation of financial powers
  • general financial rules
  • creation/ continuation/ revival of posts
  • foreign deputation/ delegations/ tours
  • advances to government servants
  • pension-related orders
  • central government employees group insurance scheme
  • miscellaneous

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Ministry of finance revenue department:

The main function of the department of revenue is to exercise control and impose regulations in matters relating to the direct and indirect taxes. The revenue department of the ministry of finance has authorized the central board of direct taxes (CBDT) and the central board of indirect taxes and customs (CBIIC) as the nodal agencies responsible for administering the functions regarding taxation in the country. Matters relating to the levy and collection of all Direct taxes are looked after by the CBDT whereas those relating to levy and collection of Customs and Central Excise duties and other Indirect taxes fall within the purview of the CBEC. 

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Ministry of finance department of expenditure:

This department works under the government of India and plays a major role in governing vis-a-vis fiscal rules and regulations that include service status of all the employees working under the Central Government. This division of the finance department deals with issues like salary structure and grades of the employees, controls and revises policies regarding wages, revises the pay scale system and is responsible for forming the basic laws for settling the payment structure. The department carries out functions that encompass offering the employees benefits like HRA, DA and luxury allowances to pensioners. This department mainly oversees the public financial management system in the central government and matters relating to finance.

Ministry of finance banking division:

The banking division in the ministry of finance was established as a cardinal body to focus on banking related issues. This Department encompasses the workings of the Banks, Insurance and Financial Services provided by various government agencies and private corporations. The main aim of this department is to ensure a sustainable banking system and maintaining and upgrading the banking system so that it helps provide banking services to the masses. This department in the finance ministry works towards safeguarding the interest and promoting development of the banking services.

See Also: Finance Minister To Give Tax Benefits On Property Investments

Ministry of finance economic survey:

This is an annual document of the ministry of finance, the government of India. This document is also known as an economic survey report that reviews and summarizes the developments in the Indian economy over the previous 12 months. The economic survey is presented in both the houses of the parliament each year, just before the union budget. It shows the performance of the government by highlighting the major development programs and policies of the government and the prospects of the economy in the term ahead.

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