MINISTRY OF FINANCE
The Ministry of Finance is responsible for administration of finances of the Government. It is concerned with all economic and financial matters affecting the country as a whole including mobilisation of resources for development and other purposes. It regulates expenditure of the Government including transfer of resources to the states. This Ministry comprises three departments, namely, (i) Economic Affairs, (ii) Expenditure and (iii) Revenue.
The Department of Economic Affairs consists of nine main divisions, namely, (i) Economic; (ii) Banking; (iii) Insurance; (iv) Budget; (v) Investment; (vi) External Finance; (vii) Fund Bank and (viii) Currency and Coinage and (ix) Controller of Aid, Accounts and Audit.
The Department inter alia monitors current economic trends and advises the Government on all matters of internal and external economic management including working of commercial banks, term-lending institutions, investment regulations, external assistance, etc. Preparation of the Budget of the Union of India as well as the state governments and union territory administrations with legislature when under the President’s rule and their presentation to the Parliament is also the responsibility of this Department.