SCRUTINIZING FINANCE MINISTRY

Hello, my pals, likers, readers and supporters. How are you all? If You want to know about me, condition is worst. I got a cold :( and the worst part is that I didn't get wet in rain, I didn't eat anything which could cause a cold still I am suffering. Ufffff!!!! But I couldn't skip my blog. For this, I made awesome "Kadha" and now I am sipping it and writing a new post as well. I have one request to you all don't get caught by this filthy weather (Filthy because it may cause you serious illness) and better take care of yourself.

Now let's talk about this new topic.
FINANCE MINISTRY:-
Finance ministry is amongst 26 cabinet Ministries of India. There are different categories of Indian Ministries. 

1) Union Council of Ministers- There is only 1 department.

2) Cabinet Ministers- There are 26 departments and Finance Ministry is one of them.

3) Ministers of State (Independent Charge)- There are 13 departments.

4) Minsters of State- There are 26 departments.
Ok!!!! You all got it. Right! 
So now tell me. What do you understand by finance? Who looks after our's (Indian) expenses (Centre and State), capital markets, all kind of financial institutions, different types of taxation? Who draws Union Budget? Who is the supervisor and administrator of Civil Services? It's just as simple as shooting a fish in a barrel. Yes! The answer is "Finance Ministry". Now you all have got the idea what finance ministry is all about. "Come on" now I want to draw your attention to its departments.

It has 5 departments which are pictured in the above diagram. "Yeah! I made it and it's my handwriting. Thanks in advance if you like it". Before starting it I want to tell you one indispensable thing that is "Administrative officer of each department is called Secretary".

DEPARTMENT OF ECONOMIC AFFAIRS:-

As the name suggests, this department is the paramount agency of the union government to compose and detect the nation's policies and programs. This department is solely responsible to do economic management on domestic and international levels as well. This department also prepares the annual union budget but not the railway one. (Railway budget is made by Minister of Railway)

DEPARTMENT OF EXPENDITURE:-

This department keeps an eye on all kind of expenses in finance. Just take an example of your own. Suppose you want to borrow some cash from your married friend and he says "Dude, I need to ask my wife". "Giggles", so in that case, his wife is "Department of Expenditure". "OMG! I am laughing so hard. It was just an example. No need to take it seriously. I was trying to tickle your funny bone". Now come to the point. So before, financing any schemes, implementation of any pay commissions, monitoring audit comments and anything else related to expenditure, the government needs to take its permission.  

DEPARTMENT OF REVENUE:-

This department supervises both Direct and Indirect taxes and for supervising these taxes it has two authoritative boards.

1) Central Board of Direct Taxes (CBDT)- It tends to collect and levy of all Direct Taxes.

2) Central Board of  Excise Customs (CBEC)- It attends all indirect taxes, customs and excise duties.

DEPARTMENT OF FINANCIAL SERVICES:-

                                                                                  

"Tell me, who are preparing for banking and insurance exams?" Now you all are wondering why am I asking so? Guys, if you are preparing related exams you need to draw great attention towards this department. Because, this department ministers to all government and private banks, insurance sectors, MSME (Micro, small and medium enterprise) and financial services.

DEPARTMENT OF DISINVESTMENT:-

In 1999 it was an idle and independent ministry but in 2004 it was merged with ministry of finance and became one department of it. It guards the dispossession and privatisation of any Public Sector Units (PSUs).

SOME GK FACTS:-

*FINANCE MINISTER (FM)- Arun Jaitely

* THE MINISTER OF STATE FOR FINANCE- Shri Jayant Sinha

* PERSONAL SECRETARY TO FM- Shri Simanchala Das (IRS, IT 1988)

* SECRETARY (FINANCE) OF ECONOMIC AFFAIRS- Shri Rajeev Mehrishi (IRS, RJ (Rajasthan) 1978). He replaced Arvind Mayaram in 2014.

* SECRETARY OF EXPENDITURE- Shri Ratam P Watal (IAS, AP(Andhra Pradesh) 1978). He preceded by R S Gujral in 2013.

* SECRETARY OF REVENUE-  Shri Shaktikanta Das (IAS, TN (Tamil Nadu) 1980). He preceded by Rajiv Takru in 2014.

* SECRETARY OF FINANCIAL SERVICES- Shri Hasmukh Adhia (IAS, GJ (Gujarat) 1981). He replaced Gurdial Singh Sandhu in 2014. 

* SECRETARY OF DISINVESTMENT- Ms Aradhana Johri (IAS, UP (Uttar Pradesh) 1980. She took over from Rajiv Mathur in 2014.

* First Indian Finance Minister who presented a budget on 26 November 1947 in  independent India- Shri Ramasamy Chetty Kandasamy Shanmukham Chetty 

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