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Ministry of Finance

(Vitta Mantralaya)

Responsible for taxation, financial legislation, financial institutions, capital markets, centre and state finances, and the Union Budget.

Organizational Structure

The Union Finance Ministry of India comprises five departments.

  1. Department of Economic Affairs.
  2. Department of Expenditure.
  3. Department of Revenue.
  4. Department of Financial Services.
  5. Department of Disinvestment.

Department of Economic Affairs.


  1. Preparation of the Union Budget annually (excluding the Railway Budget).
  2. Formulation and monitoring of macroeconomic policies and programmes, including issues relating to fiscal policy and public finance, inflation, public debt management and the functioning of Capital Market including Stock Exchanges. In this context, it looks at ways and means to raise internal resources through taxation, market borrowings and mobilization of small savings;
  3. Monitoring and raising of external resources through multilateral and bilateral Official Development Assistance, sovereign borrowings abroad, foreign investments and monitoring foreign exchange resources including balance of payments;
  4. Production of bank notes and coins of various denominations, postal stationery, postal stamps; and
  5. Cadre management, career planning and training of the Indian Economic Service (IES).

Department of Expenditure


  1. Pre-sanction appraisal of major schemes/projects (both Plan and non-Plan expenditure).
  2. Handling the bulk of the Central budgetary resources transferred to States.
  3. Implementation of the recommendations of the Finance and Central Pay Commissions.
  4. Overseeing the expenditure management in the Central Ministries/Departments through the interface with the Financial Advisors and the administration of the Financial Rules / Regulations / Orders through monitoring of Audit comments/observations.
  5. Preparation of Central Government Accounts, managing the financial aspects of personnel management in the Central Government.
  6. Assisting Central Ministries/Departments in controlling the costs and prices of public services.
  7. Assisting organizational re-engineering through review of staffing patterns and O&M studies and reviewing systems and procedures to optimize outputs and outcomes of public expenditure.
  8. The Department is also coordinating matters concerning the Ministry of Finance including Parliament-related work of the Ministry.
  9. The Department has under its administrative control the National Institute of Financial Management (NIFM), Faridabad.

Department of Revenue

The Department of Revenue functions under the overall direction and control of the Secretary (Revenue).

Two statutory Boards were constituted under the Central Board of Revenue Act, 1963:

  1. Central Board of Direct Taxes (CBDT): levy and collection of all Direct taxes.

Members of CBDT includes a chairman and six Members:

  1.  CBDT Chairman
  2. Member (Income Tax)
  3. Member (Legislation and Computerisation)
  4. Member (Revenue)
  5. Member (Personnel & Vigilance)
  6. Member (Investigation)
  7. Member (Audit & Judicial)
  1. Central Board of Excise and Customs (CBEC): levy and collection of Customs and Central Excise duties and other Indirect taxes.

Members of CBEC includes a chairman and five members:

  1. CBEC Chairman
  2. Member Customs
  3. Member Service Tax
  4. Member Central Excise
  5. Member Personnel & Vigilance
  6. Member Legal & Judicial
  7. Member Budget

The Members are also ex-officio Additional Secretaries to the Government of India.

Department of Financial Services

Responsible for Banks, Insurance and Financial Services provided by various government agencies and private corporations.

It also covers pension reforms and Industrial Finance and Micro, Small and Medium Enterprise.

It started the Pradhan Mantri Jan Dhan Yojana in 2014.

Department of Disinvestments

 Responsible for systematic policy approach to disinvestment and privatization of Public Sector Units (PSUs).

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